Hefty bill from counterfeiting and piracy costs EU £71bn and 790,000 jobs each year December 5, 2016 Counterfeit goods and piracy cost the EU economy a whopping £71bn every year, according to research from the European Union’s intellectual property office. More than 7.4 per cent of sales, totalling £40bn, across nine sectors are lost in the 28-country bloc due to fake products including handbags, toys, pharmaceuticals and alcohol, as well as music [...]
HMRC told to hurry up and produce “tangible results” by Treasury Committee chairman December 5, 2016 A Tory heavy-hitter said workers with life-threatening diseases could miss out on compensation pay-outs because of failings by the taxman and today urged authorities to speed up the process. Victims of occupational diseases can only claim compensation from employers once they have received a full record of their employment. However, tax records are a vital part [...]
Treasury to introduce £1m penalty for breaching financial sanctions December 1, 2016 Those who breach serious financial sanctions could be slapped with a seven figure penalty as of next year. The Treasury's Office of Financial Sanctions Implementation (OFSI) will, from next April, be able to impose penalties of £1m or 50 per cent of the value of the breach, whichever is higher, for such breaches. The UK currently has [...]
KPMG boss Simon Collins won’t be seeking re-election after five year tenure December 1, 2016 KPMG's UK boss will step down in March after five years at the helm of the accountancy giant. Simon Collins told fellow partners of his plans on Thursday and is expected to put his hat in the ring to step up and lead the global network of the firm, according to reports by Sky News. Read more: [...]
Hosting the Christmas party (without the hangover) November 30, 2016 The Christmas party season is upon us again. For many, it is the highlight of the year – an opportunity to celebrate and be rewarded for a year of hard work, and to strengthen relationships with colleagues. But even if you’re not drinking, many employers find the Christmas do an annual headache, with disciplinary issues to [...]
UK universities need a bespoke Brexit deal with flexibility on freedom of movement for EU students November 30, 2016 The fate of British universities – their research, their European staff and their students – has become a major issue following the EU referendum. Under the home secretary’s proposals, they would be classed as employers with a large number of non-UK staff – 17 per cent of teaching and research posts are occupied by EU [...]
Eversheds is in discussions with US firm Sutherland about a merger November 29, 2016 Eversheds is in discussions with US law firm Sutherland about a merger. Partners at the two firms will vote on the merger proposal within the next few weeks, and it is thought the deal will be finalised by the end of the year. Read more: Eversheds promotes Murphy to chairman as David Gray retires [...]
Regulators promise “once in a generation” changes to payment systems, bringing Britain’s banking into the 21st century November 29, 2016 The way businesses and consumers pay their bills is scheduled for the largest shake-up in decades under plans proposed by regulators. Three of the main retail payment systems – Bacs, Cheques and Credit Clearing Company and Faster Payments Service – are to be binned and replaced with what authorities hope is a clearer and more [...]
Chancellor backs management consultants, as a quarter of industry gets ball rolling on Brexit plans November 29, 2016 Chancellor Philip Hammond has given his blessing to the country's management consultants, after a recent survey showed over a quarter were kicking off contingency plans for Brexit. In a letter from the chancellor to the Management Consultancies Association (MCA) and seen exclusively by City A.M., Hammond calls the industry a "vital part of the economy, [...]
Chairman of the Bar takes aim at Snooper’s Charter November 28, 2016 The chairman of the Bar has taken aim at the government's new surveillance legislation, which has also been branded the Snooper's Charter. In a lecture this evening, Chantal-Aimée Doerries QC will say that the Investigatory Powers Bill threatens to compromise the privacy of communications between legal advisers and their clients, also known as legal professional privilege. Read [...]