This morning the Prime Minister made an important announcement regarding the new reporting requirement in the Modern Slavery Act. David Cameron confirmed that businesses with a turnover of £36 million or more will be caught by the Act and will therefore be required to produce an annual slavery and human trafficking statement from October 2015. The announcement was made as Mr Cameron travels to Vietnam where slavery and human trafficking is on the agenda.
The Government has chosen the lowest turnover threshold that was considered in the consultation stage, thereby affecting the largest number of businesses (estimated to be approximately 12,260). This approach is consistent with feedback received in the consultation.
Government guidance on compliance with the reporting requirement in the Modern Slavery Act is awaited. For further information on the reporting requirement please see our July 22 blog post, “The Modern Slavery Act: What You Need To Know.”