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Business Update

Volume 640: debated on Monday 30 April 2018

I am today publishing a consultation document which sets out a range of proposals to reform the law governing limited partnerships, including Scottish limited partnerships.

The United Kingdom has a global reputation as a great place to do business. People looking to grow or relocate a business come to Britain confident in our high corporate standards. Part of that confidence derives from our strong transparency requirements, which ensure people know who they are doing business with. Transparency also helps combat illicit activity which is a vital underpinning of the UK’s business environment, a key theme of the Government’s industrial strategy.

The UK is a world leader on corporate transparency and we want to retain this position, so we continue to look for opportunities to improve the transparency and integrity of our legal framework. In response to concerns that limited partnerships might be being misused, we sought and received evidence last year. The evidence demonstrates that the limited partnership, including its Scottish form, continues to fulfil important functions in key sectors of our economy. But it also highlighted that there are ways in which the legal framework governing limited partnerships could be strengthened and updated.

The proposals I am consulting on aim to strike the right balance between maintaining high corporate standards while maintaining the UK’s attractiveness as a place to do business and I look forward to hearing from interested parties.

I have placed copies of the consultation document in the Library of the House.