§ Mr. Knowlesasked the Secretary of State for Trade and Industry whether he is able to give details of the measures announced on 22 May, Official Report, columns 247–48, to relax the amount of financial information that small companies have to disclose in their accounts.
§ Mr. HowardThe financial thresholds defining small and medium-sized companies will be increased so that over 90 per cent. of companies will now have the option of filing modified accounts at companies registration offices. I intend to introduce the necessary subordinate legislation shortly.
We have also decided to reduce the amount of information that small companies are required to give shareholders in full accounts. However, shareholders will still be able to ask for all the information to which they are entitled at present under the Companies Act. We aim to bring this proposal forward at the first opportunity for primary legislation.
I shall be considering the practicalities further in consultation with the profession.