UK: Government to consult shortly on UK Sustainability Reporting Standards to implement ISSB standards

In the Industrial Strategy published on 23 June 2025, the UK government indicated that: 

• It will consult shortly on new UK Sustainability Reporting Standards (UK SRS), to implement the global sustainability disclosure standards developed by the ISSB - namely, IFRS S1 and IFRS S2. 
• Following that consultation, the government will take a final decision on whether to create UK SRSs for voluntary use.
• In due course, the government will also consult on whether to introduce mandatory reporting against these UK SRSs for economically significant entities. 
• The Financial Conduct Authority (FCA) will decide separately whether to update its rules for listed entities to require use of UK SRS. 
• The government also plans to consult shortly on a proposal for a voluntary registration regime for providers of assurance of sustainability-related financial disclosures to help companies identify credible assurance providers.  
• There was no update on the timing of the UK government's consultation on transition plans. 

For background on the UK SRS, the ISSB standards and the current rules on climate disclosure in the UK under the Companies Act and the Listing Rules, see our previous article.