Source · Select Committees · Treasury Committee
Recommendation 52
52
Not Addressed
Paragraph: 232
The Government should supply us with details of the project milestones for the Companies House...
Recommendation
The Government should supply us with details of the project milestones for the Companies House transformation programme, together with an annual progress report.
Government response summary AI-generated
The government recognises the importance of delivering Companies House reform and has provided BEIS with £63 million over the Spending Review period to facilitate reforms.
Summary of the government's response below — read the verbatim text to verify.
Paragraph Reference:
232
Government Response
Not Addressed
HM Government · verbatim extract
Not Addressed
The government published the Corporate Transparency and Register Reform White Paper on the 28 February 2022. The paper provides considerable detail on the way the reforms will operate, helping the UK’s business community, law enforcement agencies and stakeholders to start to prepare for the changes to come. This is a complex area of law; the Companies House reforms amount to the largest change to our system of setting up and operating companies since the companies register was created over 170 years ago. We need to ensure the proposals are effective and work coherently together. The government intends to introduce the legislation in an Economic Crime Bill later this year. However, the transformation of Companies House is already underway. £20 million is being invested in 2021–22, with a further £63 million announced up to 2024/25 at the most recent Spending Review. Further details regarding these proposals were provided in response to the Committee’s recommendations at paragraph 49.
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