The regulatory environment does not work as well as it should. Unnecessary red tape is choking competitiveness, creating unnecessary burdens for business and putting up barriers to growth.

That is why we are introducing a Government-wide target to reduce the administrative costs of regulation by 25% by the end of this Parliament. That will be supported by a baselining exercise to understand the administrative costs of regulation to businesses.

The Prime Minister will set out more details later today. This is just the beginning; details of our ambitious action plan to reform the regulatory landscape will be set out shortly.

Over eight years and four Prime Ministers, the last Conservative Government commissioned review after review into UK corporate governance and audit reform, and delivered absolutely nothing.

For UK plc to be globally competitive, we need robust corporate governance frameworks which balance the needs of investors and society for information with the administrative burdens on companies.

Will the Minister update the House on what progress his Department is making on bringing forward an audit reform and corporate governance Bill?

As my hon. Friend is right to recognise, this issue has been around for some time, and the Government have announced their intention to publish a draft audit reform and corporate governance Bill for scrutiny in this Session.

Investors and the public need access to truthful reporting from our most important businesses on their finances and related issues.

My Department continues to progress that important work, and a timetable for the publication of the Bill will be confirmed in the usual way for draft legislation in due course.

Since leaving the European Union, we have been diverging progressively and passively —not making an active decision to diverge because it is good for us, but because we cannot keep up with the number of regulations coming through the European Union.

That has been particularly disadvantageous for energy trading. What conversations has the Minister had with Government colleagues around aligning with the EU on emissions trading?

That is an important question. The Minister with responsibility for emissions trading, my hon. Friend the Member for Croydon West (Sarah Jones), is in charge of that matter, and it is one of the discussions we are having as part of the EU reset.