Welcome to Debt Matters, the UK debt collection podcast where we turn the news into practical takeaways for creditors, collectors, and credit teams. The government has shelved the long-promised audit reform package and that can ripple through credit risk, recoveries, and late-payment behaviour.

What happened The Department for Business and Trade has decided not to consult on the planned audit reform legislation.

In a letter to the Business and Trade Committee, the minister gives 3 reasons:

1. Growth and deregulation comes first, and some reforms would increase costs for business.
2. Ministers say audit quality and regulation have improved since Carillion (2018), so the need feels less urgent.
3. Parliamentary time is limited, and they don’t want to consult on policies unlikely to progress soon.

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