Oral Answers to Questions

Mark Pawsey Excerpts

Thursday 30th November 2023 Commons Chamber

[Kevin Hollinrake]

Time and again, Opposition parties seek to wrap businesses up in red tape, whereas Conservatives are keen to cut red tape. Consultation with businesses revealed concerns about imposing additional reporting requirements, while the Government are looking to simplify and streamline existing requirements.

[Mark Pawsey (Rugby) (Con)]

This week, the Business and Trade Committee took evidence from Wilko. Business collapses such as that of Wilko, Carillion, Thomas Cook and Patisserie Valerie have been a consequence of failures in the audit process, costing people their jobs and hurting investors and suppliers. Audit reform was recommended by the then Business, Energy and Industrial Strategy Committee in 2019, and the Government offered to bring forward a draft Bill. I know the Minister wants to reduce red tape, but does he agree that some form of action is now pretty urgent?

[Kevin Hollinrake]

I was delighted to give the Select Committee evidence on Wilko. The administration report on Wilko is continuing and clearly we need to see the findings, but investigations so far have not shown that director misconduct played an instrumental part in Wilko’s failure, although I think it is clear to all concerned that there were failures in management that led to the company’s demise.