Over the year higher staffing costs pushed up FRC budget to £50.5m in 2022-23 from £39.8m the previous year, showed the FRC’s annual report and accounts.

FRC group expenditure for the year showed an increase on the prior year of £5.6m, mainly driven by headcount changes. Travel costs also increased but with the growing awareness of the high environmental cost of travelling by air, the FRC said it would keep this under review.

The FRC also confirmed that CEO Sir Jon Thompson is due to leave the regulator on 31 July to take up the chairmanship of HS2. The closing date for applications was earlier this month, with candidates currently being reviewed by the Department for Business. An appointment is due by the end of the summer.