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UK ministers explored the scraping promised more strict auditing rules for private companies while the government intends to dial back the regulation of a desire to increase economic growth.

The Secretary of Business Jonathan Reynolds and the minister of employment Justin Madders met with large auditing companies and major investors in recent months to discuss humility or advancing reforms to teach to about 600 companies “public interest entities”, according to people who are familiar with talks.

The previous conservative government promised to renew the UK audit regimes after several high-profile failures, such as outsourcer of Carillion, BHS and Cafe Cafe Patisserie Valerie.

In 2021, Ministers suggested classifying the largest private company and company listed as a public interest entities (Pies). They act after BHS collapse stirs questions about whether the audit of non-listed companies should be carefully examined to avoid similar failures.

Appointment will set up audits of nearly 600 non-listed companies with 750 employees and more than £ 750 million annual turnover under a more strict regulatory system managed by financial reporting Council (FRC).

Reynolds told the Financial Times in 2023 that, if labor could win power, it will push for long delayed reforms. But a person who is familiar with the government’s thinking that today’s reforms “ancient history” because more strict auditing needs are viewed as “another barrier”.

In Reynolds’s concerns that suggestions can encourage companies to reduce 750 employees or move overseas, the government can compile in a list of companies that are selected for the folding “important” or leave all suggestions, in addition to man.

Ministers in recent weeks swear to continue growing, and last month the 17 of the largest guardians to make steps to develop the economy.

On Tuesday, the government pressed out The competition regulator’s seat after taking the view that the agency is not enough to focus on growth.

The FRC is first-intentioned in 2018 to improve the audit quality after high profile failures. The former Government of the Tory produces a package of reforms, which includes replacing the current regulator at more powerful audit, reporting and Governance Authority.

But it is irrigated The suggestions of 2022, reducing the number of new pies from 2,000 to 600.

The auditors complained about the more strenuous investigations applied to the regulator in relation to the pies, with the top 10 companies Grant Thornton said it swore 70 percent of his pie job in five years to 2022.

This is used in labor First word to the king Last year to indicate the draft audit reform and corporate governance bill. The draft legislation can still include the present pie suggestions, one of the people said, and ministers may choose to havehed the details of Parliament.

An ally of Reynolds said the minister is still open to the mind about “specific bases” to use the pie, and added that the secretary of business listening to the sights about the subject and considered wider economic impact on audit reforms.

The business department and trade says it accepts the thoughts of interested parties before publishing the draft bill later this year.

“Our primary priority is economic growth and increase the standard of living for workers and so our audit reform focuses on growth and support business to invest,” in addition to the department.