British Values

British values are interwoven throughout the Business Studies curriculum as students develop and understanding of how business and enterprise contributes to our economy on a local, national and international scale.

Democracy:

Democracy allows us to vote and express our preferences for government policies relating to business e.g. corporation tax rates, the strength of regulation and employment legislation.

Our government may sometimes impose economic sanctions on undemocratic government regimes, so that our businesses cannot carry out trade with these countries.

Trade unions, which help to protect worker rights, operate according to democratic rules with members able to vote on new policies.

Businesses have the opportunity to ask MPs to consider putting forward legislation that might help them to trade and operate more effectively.

Democracy is an important factor in the external environment of businesses.

Rule of Law:

Businesses are more likely to develop and grow if they can operate in an economy with a strong institutional framework e.g. neutral and effective judiciary, trustworthy central bank and financial sector etc.

The rule of law means that contracts between businesses and customers in markets are upheld.

The rule of law is important for helping to protect intellectual property such as copyright and patents, which in turn supports more innovation by businesses.

The strategic decisions of businesses are influenced by the likely impact of legislation, such as Health & Safety legislation or environmental legislation.

The rule of law allows unfair behaviour of firms to be addressed by competition authorities and through the courts when necessary e.g. employment tribunals for unfair dismissal, fines for abuse of market power, breach of environmental legislation.

Individual Liberty:

For markets to work efficiently, individuals must be free to work wherever they choose and where their skills are best used.

For businesses to operate profitably, they must respond to the preferences and demands of different stakeholders.

Businesses need to adapt to changes in their external environment caused by people having freedom e.g. migration patterns, demographic changes, urbanisation and consumer lifestyles.

There may be conflict in businesses as individual liberty may be suppressed in order to achieve a business’s aims.

Employment changes such as flexible working arrangements and the gig economy may reflect increasing individual liberty.

Mutual respect for, and tolerance of, people with different beliefs and views:

Businesses provide goods and services for people with different views and beliefs, and adapting products for different people can allow firms to enter new markets.

Employees have a range of different views and this influences an organisation’s culture.

Businesses need to consider the views of different stakeholders to be successful, and be aware that different views influence the separation of ownership and control.

Businesses must be especially aware of different beliefs and views if they want to operate in international markets.

Growing businesses may struggle to achieve economies of scale and synergies if they do not consider the different views of their stakeholders.

Source – www.tutor2u.net