It is being reported that ministers have chosen Birmingham as the home for the UK’s new audit watchdog.
PQ magazine understands that The Audit, Reporting and Governance Authority (ARGA) has been told it needs to have its HQ in the west Midlands, and is currently looking for suitable premises and may even start to recruit staff.
The ARGA will take over from the Financial Reporting Council, which has nearly 400 staff working out of its City of London offices. How many of these current staff members will be willing to relocate is not clear.
The government has promised legislation in the next parliamentary session, but it has already delayed the creation of the ARGA until at least 2024.