Cross-Party MPs Demand Starmer Prioritize audit Reform Legislation
LONDON – A group of prominent MPs from across the political spectrum have written to Labor leader Keir Starmer urging him to prioritize the passage of long-delayed audit reform legislation. The letter,signed by LabourS Clive Betts,Conservatives’ Sir Geoffrey Clifton-Brown,Liberal Democrat Daisy Cooper,and Green Siân Berry,highlights a continued lack of adequate market oversight following a series of high-profile corporate failures.
The MPs’ call comes over seven years after the collapse of Carillion,despite multiple reviews,a government White Paper,and extensive public consultation. They argue that failures in audit and governance continue to plague the UK economy, citing the collapses of patisserie Valerie, Bulb, Thomas Cook, Wilko, and ISG as evidence of ongoing weaknesses.
“It is deeply concerning that over seven years have passed since the collapse of Carillion, yet no legislation has been brought forward,” the letter stated. ”Meanwhile, we have witnessed further high-profile corporate failures linked to weaknesses in audit and governance…making it clear that market oversight remains far from adequate.”
The politicians emphasized the devastating consequences of corporate collapses, impacting jobs, pensions, and smaller businesses within supply chains, warning that such failures are “the polar opposite of economic growth.” They reminded Starmer that the Audit Reform and Corporate Governance Bill “enjoys strong cross-party support” and urged the government to “act now” and prioritize its passage through Parliament.
This push for reform arrives amidst a reshuffle of Starmer’s top team following Angela Rayner’s resignation last week over a tax scandal, and the subsequent sacking of a batch of ministers on Friday.