The UK Government has confirmed plans to create a new regulator to reduce the risk of sudden big company collapses and to tackle the dominance of the ‘Big Four’ in the audit sector.
Business Secretary Kwasi Kwarteng wants to introduce plans that would bring greater accountability for big business, and help prevent sudden large-scale collapses like Carillion and BHS, which hurt countless small businesses and led to job losses.
The UK Government also announced that it will review wider reporting burdens on large and small businesses, including those from retained EU law.
