The consultation launched today will look at the detail of how the new gender pay gap regulations will be designed - including what, where and when information will be published.

"We are committing to eliminating the gender pay gap in a generation," said Nicky Morgan, the education secretary and equalities minister. "This is not just the right thing to do, it makes good business sense: supporting women to fulfil their potential could increase the size of our economy by 35%. To achieve gender equality, we need to continue to inspire young women and girls so that they can compete with the best in the world for the top jobs – and see that their hard work will pay off."

Gloria De Piero, the shadow equalities minister, welcomed the move but added, "For pay transparency to make a real difference, we need to have an annual equal pay check which measures progress and recommends what action needs to be taken – a move the government voted against earlier this month."

Writing in The Times today, Cameron noted that the new National Living Wage would also play an important role in narrowing the gender pay gap.

"This will primarily help women, who tend to be in lower paid jobs," he said. "It will help close the gender pay gap. But we need to go further, and that's why introducing gender pay audits is so important."

Michelle Mone, founder of the Ultimo underwear company, told the BBC that the pay disclosure requirement was "absolutely fantastic". She said she hoped it would "empower women to challenge this state of affairs".

UK companies will be forced to reveal their gender pay gap from next year