‘Botched Tory economics’ | New mandatory reporting threshold - which workers will it affect?

The government’s change to reporting thresholds is set to impact thousands of businesses around the UK – with experts saying it will mostly harm women and allow ‘big bonus’ CEOs to keep rightful pay from workers.

In a press release issued on Sunday, 2 October, Liz Truss’s Conservative Party government announced that the threshold for the size of companies which are required to report on pay has risen from 250 employees to 500. The press release, entitled ‘Red tape cut for thousands of growing businesses, announced that, “Thousands of UK businesses will be released from reporting requirements and other regulations in the future.”

But what has changed, and what is the reasoning behind it? And more importantly, how will it make working conditions worse for the millions of UK workers it will impact?

In brief: