17:13 Mark Lazarowicz (Edinburgh North and Leith) (Lab/Co-op)

Similarly, the proposal to amend the Bill so as to amend the Companies Act to require companies to include modern slavery in their annual strategic reports is sensible and proportionate, and the specific explanations suggested by the Joint Committee are ones that I support. Comments from many Members suggest that there is wide support for such a measure. This again is UK legislation under the Companies Act and it seems to be a missed opportunity at this time, when there might not be an opportunity under a future Government for us to have legislation on this matter for some time to come. It is an opportunity that should not be thrown away and a reform that should not be delayed. I suspect that one of the concerns in some quarters about including requirements on companies is that UK companies will be put at a disadvantage—a concern that our companies might lose out to other companies that are not being put under the microscope in the same way. However, as many right hon. and hon. Members have said, the good company that wants to be a world leader does not want to benefit from modern slavery or forced labour. We should not have fears in that respect. In any event, as the Joint Committee has highlighted, other countries have passed similar legislation. For example, legislation has been passed in California. I hope that, just as we were world leaders when we passed the Climate Change Act 2008 nearly seven years ago, this legislation will be followed in other countries. We will be contributing to a worldwide movement by setting an early example. Although I accept that this will be anathema to certain Eurosceptics in the House, it may well be that our legislation encourages European countries to adopt similar European-wide measures for their companies.

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