Lord Callanan, minister for business, energy and corporate responsibility, told delegates at the ICAEW conference on financial reporting: ‘The government is committed to restoring trust in audit and governance. The consultation closed on 8 July and had tremendous engagement. We are currently considering the responses to ensure the reforms are coherent. We will set out our final policy approach when we publish the outcome.

‘The new resilience statement received fairly broad support. We recognise that there would be an advantage for companies to report on future resilience,’ he added. ‘It is important to consider how it could usefully align with current reporting requirements.

‘Our priorities are a green taxonomy, sustainability reporting and corporate governance, we need to restore trust.’