New clause 9 - Application of company accounts
Co-operatives and CommunityBenefit Societies Bill
3:45 pm
Ms Ruth Kelly (Financial Secretary, HM Treasury; Bolton West, Labour)
I congratulate my hon. Friend the Member for Edmonton on the persuasive way in which he set out his concerns. He knows, as do other members of the Committee, that the Government are sympathetic to those concerns. We agree with the general principle that, as far as is appropriate, there should be a level playing field between companies and industrial and provident societies. It is, of course, important that societies can operate in a modern and appropriate regulatory context. Last year's strategy unit report, ''Private Action, Public Benefit'', examined the legal and regulatory framework for social enterprise. It made specific recommendations and proposals for industrial and provident society legislation. We have examined the responses received from the public consultation exercise on the report, but I am afraid that I cannot say today whether we will act further. However, I assure my hon. Friend that we will shortly set out how we hope to organise the work arising from the legislation and our priorities for reform.
I am sure that my hon. Friend is well aware that the proposals cannot instantly be translated into legislation. We take the issues seriously, and I hope shortly to be able to reassure him that we are
considering the priorities and will outline what those priorities will be.