Here are the six (yes, six) reviews the audit sector is currently facing November 14, 2018 As 2018 continues to be the annus horribilis of audit, bean counters are finding that sector reviews are, as the saying goes, like buses. With news this week that MPs are going to launch their own super-inquiry, the sector now faces six reviews. If that seems like more than you’ve got to grips with, here’s a [...]
The pressure is on to fix the broken audit market November 14, 2018 Accountancy may be “an art, not a science”, but there needs to be less “Jackson Pollock”. That’s according to the Labour MP Rachel Reeves, chair of the Business, Energy and Industrial Strategy Select Committee, who has made it her mission to fix the broken audit market. The Big Four firms (PwC, Deloitte, EY, and KPMG) are [...]
Watchdog summons Corbyn and McConnell to meeting over misuse of statistics November 4, 2018 The staff of Labour leader Jeremy Corbyn and shadow chancellor John McDonnell have been summoned to a meeting by the UK’s statistics watchdog over the misuse of stats. Statistics Authority chairman David Norgrove has previously written to the Labour Party over a “lack of published information on sources, assumptions and methods to support statements”. In February [...]
John McDonnell under fire from Labour MPs for backing the Budget’s tax cuts October 30, 2018 Labour’s shadow chancellor has been forced to defend his surprise support for Conservative plans to cut taxes for higher earners. John McDonnell said on Tuesday he would not reverse moves to raise the 40p income tax threshold to wages over £50,000 from April 2019 if he was in government. The policy, announced by chancellor Philip Hammond [...]
Shadow Chancellor declines to put cost on massive renationalisation plans October 28, 2018 John McDonnell has refused to put a cost on Labour’s renationalisation plans, laughing off estimates taxpayers would pay nearly £200bn. Speaking to Andrew Marr, the shadow chancellor said a Labour government would give shareholders whatever parliament decided. However, he said the government would pay close to the value of companies like Royal Mail to take [...]
The City helps fuel economic growth right across the country, so be wary of those who want to clip its wings October 28, 2018 One of the most pernicious elements of Labour's current economic platform is the idea that the City is entirely distinct from (and damaging to) the so-called real economy. Jeremy Corbyn and John McDonnell's stump speeches routinely contain attacks on predatory bankers, fat-cats and financial speculators. The labour leader also seems to have a personal vendetta against [...]
Politicians urge London Stock Exchange to cancel meeting with Saudis after Khashoggi killing October 28, 2018 Senior politicians have called on the London Stock Exchange Group (LSE) to cancel a planned meeting with Saudi officials amid the international fallout from the killing of journalist Jamal Khashoggi. Speaking to City A.M., shadow chancellor John McDonnell and Liberal Democrat leader Vince Cable both urged the LSE to scrap an “Investing in Saudi Arabia” [...]
Hammond: No-deal Brexit could scupper the end of austerity October 28, 2018 Philip Hammond has warned that austerity will only end if the government can negotiate a Brexit deal with the European Union. The chancellor said plans to increase public spending may be dropped if Britain leaves with no deal. He said that Office for Budget Responsibility projections, which the budget is based on, assume Britain will [...]
Philip Hammond should be unashamed to show he is a true blue in the Budget October 25, 2018 With extra funding for the NHS and an end to austerity already announced, Philip Hammond must be wondering if it is him or John McDonnell delivering next week's Budget. While the cash boost for the health service is welcome, and the narrative of ending austerity popular with certain commentators, Hammond must use the Budget to [...]
IMF data shows there’s even less cash to splash October 11, 2018 Positive news around the public finances has been forthcoming in 2018, following years of disappointingly slow deficit reduction. Borrowing fell to a 16-year low in the fiscal year that ended in April, while in July the Treasury recorded its biggest surplus since 2000. Thus it was a shame to be brought crashing back down to [...]