Oral Answers to Questions

Callum Anderson Excerpts

Thursday 13th March 2025 Commons Chamber

[Sarah Jones]

The right hon. Gentleman is right that the west midlands is a big exporter to many different countries, including the US and others. Of course, we will keep talking with the US, as the Secretary of State has been doing, and will ensure that we are standing up for British industry and doing the right thing.

[Callum Anderson (Buckingham and Bletchley) (Lab)]

3. What steps his Department is taking to improve the regulatory environment.

[The Parliamentary Under-Secretary of State for Business and Trade (Justin Madders)]

The regulatory environment does not work as well as it should. Unnecessary red tape is choking competitiveness, creating unnecessary burdens for business and putting up barriers to growth. That is why we are introducing a Government-wide target to reduce the administrative costs of regulation by 25% by the end of this Parliament. That will be supported by a baselining exercise to understand the administrative costs of regulation to businesses. The Prime Minister will set out more details later today. This is just the beginning; details of our ambitious action plan to reform the regulatory landscape will be set out shortly.

[Callum Anderson]

Over eight years and four Prime Ministers, the last Conservative Government commissioned review after review into UK corporate governance and audit reform, and delivered absolutely nothing. For UK plc to be globally competitive, we need robust corporate governance frameworks which balance the needs of investors and society for information with the administrative burdens on companies. Will the Minister update the House on what progress his Department is making on bringing forward an audit reform and corporate governance Bill?

[Justin Madders]

As my hon. Friend is right to recognise, this issue has been around for some time, and the Government have announced their intention to publish a draft audit reform and corporate governance Bill for scrutiny in this Session. Investors and the public need access to truthful reporting from our most important businesses on their finances and related issues. My Department continues to progress that important work, and a timetable for the publication of the Bill will be confirmed in the usual way for draft legislation in due course.