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Story summary
- Business Secretary Jonathan Reynolds announced plans to slash corporate paperwork for UK businesses.
- He will simplify corporate reporting rules and exempt some SMEs from certain forms.
- The department estimates the reforms could save businesses £450 million.
- Detailed reports now average 98,000 words for small firms and 152,000 for FTSE 100 firms.
- A public consultation on the reforms begins on 7 September.
