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Lord Leong (Lab)

Speaking in the House of Lords on 31 March 2025

Debate

Audit, Reporting and Governance Authority

Contribution

My Lords, my noble friend is right to point out the length of time that it has taken to reach this point. Let us not forget that the collapse of BHS and Carillion caused havoc in the country. It was a wake-up call, when 11,000 people lost their jobs in BHS and 30,000 people lost their jobs in Carillion. Improving auditing standards is an important step, not least to better inform lending and investment decisions. I hope my noble friend will take heart from the fact that this was included in our manifesto commitment and in our first King’s Speech. We look forward to the proposals receiving pre-legislative scrutiny in due course.

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