00:00This is an important piece of work that I'm leading in conjunction with my
00:03colleagues in the Treasury around it. What I want is a system that goes back to
00:09what we really need which is are we providing investors creditors with the
00:12core financial information on a company's performance. There is a strength
00:16of our company reporting in the UK which is that it's proportionate to the size
00:20of a business but what I want to look at is can what we offer smaller businesses
00:23be applied to medium-sized businesses. For the biggest companies yes I mean the
00:27average FTSE 100 annual report is now bigger than The Hobbit or Pride and
00:32Prejudice so I think that's too much I think you can ask so much to go into
00:35something you're not really being able to see what really matters so where we've
00:39asked things of business in terms of employment rights I acknowledge that but
00:42I want to take off burdens in other areas and this major initiative is a chance to
00:46modernize the whole corporate reporting regime for the future.
