Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, with reference to the written statement of 21 October 2025, HCWS973, on Regulation Action Plan Update and Modernisation of Corporate Reporting, if he will increase the definition of SME firms from 250 to 500 employees.

The Department introduced legislation earlier this year that raised the monetary thresholds for micro, small, medium, and large companies by approximately 50%, thereby reducing reporting obligations for 133,000 companies moving into a smaller size category. Saving companies £240 million per year. As part of the announced modernisation of corporate reporting review, we will publish a broad, holistic consultation in 2026 which will set out our vision for corporate reporting including who should be required to report.