In this week’s Enews, we look at the new service launched by Companies House that allows individuals to verify their identity through GOV.UK. There is also the launch of the government’s new Cyber Governance package, containing the Cyber Governance Code of Practice, and recommendations on the upcoming Spending Review to update you on.

• Companies House begins to verify identities
• Business group welcomes launch of Code of Practice
• Spending Review 'could brighten living standards outlook'

A new service has been launched that allows individuals to verify their identity directly with Companies House through GOV.UK.

The introduction of identity verification is one of the key changes to company law as part of the Economic Crime and Corporate Transparency Act 2023. Companies House has landmark new and enhanced powers to combat economic crime and boost economic growth.

More than six million people will be required to comply in the 12 months after identity verification becomes a legal requirement later this year. According to Companies House, identity verification will provide more assurance about who is setting up, running, owning and controlling companies in the UK.

Louise Smyth, CEO of Companies House, said: ‘Identity verification will play a key role in improving the quality and reliability of our data and tackling misuse of the companies register.

‘To save time later, we encourage directors, people with significant control of companies (PSCs) and those filing information with Companies House to verify their identity during the voluntary window.

‘We expect identity verification to become mandatory from Autumn 2025.’

Internet link: GOV.UK

The Institute of Directors (IoD) has welcomed the launch of the government's new Cyber Governance package, which is underpinned by the Cyber Governance Code of Practice.

The Code of Practice shows boards and directors how to manage digital risks and protect their business from cyber-attacks.

It outlines how directors can build resilience to a wide range of cyber risks across their organisation.

The Code, which has been co-designed with technical experts from the National Cyber Security Centre (NCSC) and a range of governance experts across industry, focuses on the actions senior leaders should take to govern cyber risks effectively within their organisation.

Erin Young, Head of Innovation and Technology Policy at the IoD, commented: 'With cyber-attacks becoming more frequent, harmful and costly, cyber resilience is now a crucial boardroom responsibility. The new Cyber Governance Code of Practice provides practical guidance for boards and directors to effectively govern cyber risk and safeguard future growth.'

Internet link: IoD website

Think tank the Resolution Foundation has suggested that the government's upcoming Spending Review could help to brighten the 'bleak living standards outlook' for low-to-middle income families.

The Foundation stated that the Review should prioritise spending on services they use the most, and that public services are crucial for quality of life. It said that household disposable income is expected to fall from 2025/26 but public service spending is rising by £18 billion a year in 2028/29 in real terms.

Public services are not, however, used equally across all households, the Resolution Foundation added. The allocation of extra funding between departments at the June Spending Review will determine which families benefit.

Emily Fry, Senior Economist at the Resolution Foundation, said: 'Britain's outlook for real disposable incomes is bleak, especially for poorer households after the benefit cuts announced at the Spring Statement. But the wider picture is more positive when the £18 billion boost to public services is included, as this will provide vital 'in-kind' benefits, particularly for poorer households.

'A focus on improving families' experience of a range of downtrodden services in the Spending Review could help boost quality of life for lower income families in a challenging living standards environment.'

Internet link: Resolution Foundation website