Private Equity Reforms Proposed

The private equity industry has proposed measures to make it more transparent as it tries to fend off mounting political criticism.

A report by Sir David Walker has made recommendations on how firms disclose information and communicate with staff, acknowledging they must "be more open".

Suggestions include firms publishing annual financial reports and outlining their sources of funding and profits.

Unions welcomed parts of the report but said it did not address workers rights.

Unions have accused private equity firms of paying too little tax and asset-stripping after firms they own such as the AA and Bird's Eye shed thousands of jobs.

Equity firms 'to accept' tax hike