Sports Direct confirms closures of four more House of Fraser stores around the UK November 14, 2018 Four more House of Fraser branches are set to close under new owner Sports Direct as negotiations with a landlord broke down. House of Fraser said today that its Intu-owned sites in Norwich and Nottingham, as well as shopping centre stores in Lakeside in Essex and Metrocentre in Gateshead, will close in early 2019. The [...]
Brexit: Theresa May warned she will lose support of her party over draft deal November 14, 2018 Theresa May was today warned she will lose the support of Conservative MPs if a draft Brexit agreement could see the UK being kept in a customs union with the EU. Veteran Brexit supporter Peter Bone issued the stark warning to the Prime Minister less than two hours before a meeting of the cabinet to [...]
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 [...]
TfL to lose £200m from Crossrail delay next year November 14, 2018 The delay to Crossrail will cost Transport for London (TfL) nearly £200m in lost passenger fares and advertising revenue next year, the London Assembly has found. Cash-strapped TfL, which is facing a £1bn operational deficit this year, was relying on the £15.4bn Elizabeth Line to shore up its balance sheet. After months of assurances, the project [...]
Central banks could issue state-backed digital currencies, says IMF November 14, 2018 Central banks could issue digital currency, International Monetary Fund (IMF) managing director Christine Lagarde said today. Speaking at an event in Singapore, Lagarde mooted a state-backed digital token, or an account held at the central bank for consumers and firms to use for retail payments. As the demand for cashless payments increases, digital currency could provide security [...]
M&G buys Financial Times headquarters from Pearson for £115m November 14, 2018 Publishing giant Pearson today agreed to sell the Financial Times's headquarters to investment firm M&G for £115m. The building at One Southwark Bridge, on the bank of the Thames, has been home to the Financial Times since 1987. The deal is expected to close by the end of 2018. Now the newspaper will move back to its [...]
RBS names new deputy chief executive in charge of ring-fenced bank November 14, 2018 The Royal Bank of Scotland (RBS) today appointed a new deputy chief executive to take over ring-fenced bank Natwest Holdings. Alison Rose, who serves as the chief executive of commercial and private banking, will take on the new role from the beginning of December. She will continue in her current job while also deputising for [...]
Sterling retreats as markets await Theresa May’s crucial Brexit cabinet meeting November 14, 2018 Sterling sunk back below $1.30 early this morning despite the Prime Minister having reached a draft agreement with the EU over Brexit. The pound rose on the announcement late yesterday but fell back to $1.296 this morning as politicians reacted negatively to the deal. The DUP has cast doubt over Theresa May’s proposed agreement, calling it [...]
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 [...]
Let’s embrace No Deal and get planning for life after Brexit November 13, 2018 There is an anecdote doing the rounds at the moment where an acquaintance of a civil servant jests “I suppose you’re doing your best to stop Brexit!”, to which the official, not knowing that his friend voted Leave and was pulling his leg, replies “You bet I am, and every one of us too”. True [...]