PracticeAccounting FirmsLetwin reluctant to impose cap

Letwin reluctant to impose cap

The chances of an audit liability cap would be negligible under a Tory government after shadow chancellor Oliver Letwin said he would be 'extremely reluctant' to impose such legislation.

Link: Read the full interview with Oliver Letwin

In an exclusive interview with Accountancy Age, the man tipped by many as a future conservative prime minister said: ‘I am extremely reluctant to intervene in the whole relationship that exists. I would take an awful lot of persuading.’

The stance is part of Letwin’s hands-off approach to regulation, which he sees as necessary to cut the red tape faced by British business. ‘Our view is that people are better left to their own devices,’ he said.

The government is expected to announce shortly whether a liability cap will be included in the companies bill, currently before parliament.

A spokeswoman at the Department of Trade and Industry said: ‘We are working on it and discussions continue. We do hope to make a statement sooner rather than later.’

Should some form of cap be included in the bill, a backlash is expectedfrom giants of the investment world.

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