Minister reveals extra cost of OFR
OFR would have cost £33m more than Business Review
The Operating and Financial Review process scrapped by Chancellor Gordon
Brown would have cost business £33 million more than the Business Review,
Trade Minister Alun Michael revealed in the Commons.
He told Tory shadow trade and industry secretary Alan Duncan most of the
additional costs ‘related to the different audit requirements applying to
the OFR compared with the Business Review’.
Michael said preparatory work for the OFR ‘will still be useful’ for the
Business Review on which a consultation has just closed.
He said the government intended to announce its conclusions in time to insert
amendments in the Company Law Reform Bill.