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2.5.2 Legislation GapFill
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THE EFFECTS OF LEGISLATION ON BUSINESS
Legislation is another word for or acts of Parliament. These are passed by the UK and enforced by the police, the courts and other authorities. Many laws will have no impact on business but others will have an impact on costs or the way that a business manufactures goods or trades.
protection laws: these aim to make sure the customer gets a product that is of satisfactory quality, fit for purpose and as described. Misleading customers can seriously impact the reputation of a business, e.g. the Findus horsemeat scandal.
protection laws may impact the recruitment practices of a business and will safeguard the rights of employees. The National Minimum has the largest impact as it may significantly raise the costs of a business, making it less competitive and less profitable.
protection laws cover the disposal of manufacturing waste and meeting government guidelines to reduce . This may increase the average unit cost of the goods. This can make it hard for UK businesses to compete in global markets where goods are made in countries with less strict laws.
policy is overseen by the Competition and Markets Authority (CMA). They ensure that large companies don't merge to become giant monopolies and that they act in the best interests of the consumer. For example they recently blocked the merger of Asda and Sainsbury's. This can impact the ability of a business to grow inorganically.
Health and laws provide a framework for the safety of all employees in the UK. This can mean rising costs for a business that needs to train staff or issue them with the personal protective equipment (PPE) required to do their job. If it is done right this will positively impact a business by reducing due to injury.