Commons Sense

House of Commons · Written Ministerial Statement

Simpler corporate reporting

19 March 2024 · Department for Business and Trade

Proposed by Kevin Hollinrake Con Thirsk and Malton

Business & Trade

Summarised by AI from the official record, so it can contain mistakes.

View on Parliament.uk

At a glance

Key points

  • The Government plans to lay legislation this summer to adjust company size thresholds and remove redundant requirements.
  • The proposed changes will benefit over 140,000 companies by simplifying non-financial reporting.
  • The Government intends to consult later in the year on further regulatory changes to ease burdens on medium-sized companies.

Issue summary

The statement discusses changes to the non-financial reporting framework to make it simpler for businesses.

Action requested

The Government plans to lay legislation this summer to adjust company size thresholds and remove redundant requirements, benefiting over 140,000 companies. It also intends to consult later in the year on further regulatory changes to ease burdens on medium-sized companies.

Key facts

  • The monetary thresholds determining company size will be lifted by 50% this summer.
  • Over 140,000 businesses (including 5,000 large companies, 13,000 medium-sized, and 113,000 small) will benefit from reclassification and reduced reporting burdens.
  • The changes will deliver a £150 million per year deregulatory saving for UK companies, with small and medium companies benefiting by approximately £145 million.
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