Companies House is to make all of its digital company records free to access, saving customers millions of pounds in download fees.

The changes will come into effect in April 2015.

In the past, people and organisations wanting to access financial records of businesses at Companies House had to pay a small fee.

Last year, customers accessing the database paid a total of £8.7 million for the privilege.

Ministers say the move will make it easier for people to scrutinise the activities of businesses owners and connected individuals.

They added that the move could open up opportunities for entrepreneurs to find ways of providing new services with the data.

Announcing the move today, business secretary Vince Cable said: “The government firmly believes that the best way to maximise the value to the UK economy of the information which Companies House holds, is for it to be available as open data.

“By making its data freely available and free of charge, Companies House is making the UK a more transparent, efficient and effective place to do business. Today’s commitments cement the UK’s position as a leader in the open data agenda.”