To ask the Secretary of State for Trade and Industry what the evidential basis is for the Government’s view that the Companies Bill will bring significant savings to companies in all areas throughout the UK. (105841)

[holding answer 28 November 2006]: The Government published a regulatory impact assessment (RIA) alongside the Companies Bill, available on the DTI website at http://www.dti.gov.uk/files/file29937.pdf

The RIA explains the difficulty of precise quantification in this area. The RIA assessment was therefore based on discussions with business in the course of developing the Bill, and the assessment concluded that direct savings could be of the order of £160 to £320 million per annum.