The first thing to say about the government’s proposals for reforming the UK’s audit regime is hats off to Kwasi Kwarteng. The business secretary has plenty of other things on his plate and there must have been a temptation to drag his feet on the issue like his predecessor.

But Kwarteng was right that there was no excuse for further delay. In the wake of disasters such as Carillion, Thomas Cook and BHS, trust in audit is in urgent need of repair.