Select committee: Public Accounts Committee
Conclusion 36
34th Report - Department for Business and Trade Annual Report and Accounts 2023-24
Published 25 Jun 2025
Addressed to HM Treasury
Public Accounts Committee Work of the Department for Business and Trade All items in this report Report on parliament.uk ↗ Inquiry on parliament.uk ↗
Conclusion (the committee's words)
Government departments prepare financial statements in accordance with the International Financial Reporting Standards (IFRS) and the Government Financial Reporting Manual (FReM).57 As a result of the inclusion of the balances and transactions relating to the business-focused elements of BEIS the Department was required to prepare financial statements which were wider in scope and complexity when compared to those of DIT. These financial statements also include financial information relating to arm’s length bodies the Department is responsible for, known as a ‘departmental group’. The DIT ‘departmental group’ comprised the core department and one arm’s length body, the Trade Remedies Authority. As part of the changes, the Department became responsible for eighteen further bodies which vary in scale and include the British Business Bank, Companies House and the Insolvency Service.58
From: Public Accounts Committee, 34th Report - Department for Business and Trade Annual Report and Accounts 2023-24 (HC 818), 25 June 2025
Government response
Latest Treasury Minutes progress report to the Committee of Public Accounts on the Thirty-fourth Report of Session 2024-26
The government responded to the whole report on 4 June 2026 (deadline 25 August 2025).
Treasury minutes: Government response to the Committee of Public Accounts on the Thirty-fourth report from Session 2024-26
Published 18 September 2025.
Summary written by Accountability Index from the government's response. It is not the government's own words.The government states that it agrees with each of the Committee's recommendations on the Department for Business and Trade's 2023-24 accounts, setting target implementation dates between September 2025 and August 2026.
- On the Horizon schemes, the department is finalising letters to remaining eligible Horizon Shortfall Scheme claimants, "expected to be implemented by September 2025". It will also write to those yet to register for redress under the Horizon Convictions Redress Scheme, aiming to complete this "by the end of September 2025".
- Overturned Convictions claims transferred to the Horizon Convictions Redress Scheme from 3 June 2025. The department confirms the same principles will apply, "ensuring no OC claimant is disadvantaged", and says it will publish further guidance by the end of Summer 2025.
- On Post Office funding, the department will write to the Committee in Autumn 2025. It will also give a formal notification to the Committee "when the Letter of Comfort to the Post Office Limited is issued", with a Winter 2025 target date.
- On Bounce Back Loan fraud, the department will submit written findings of a Government Internal Audit Agency audit "before the end of August 2026". It will write to the Committee in one year on Insolvency Service performance, providing information "that is obtainable".