Report: UK firms swimming in £70bn of unsustainable debt September 15, 2020 UK firms have racked up £70bn-worth of unsustainable debt, a new report reveals, with more than £20bn of that coming from government-backed Covid schemes. This figure is down on the previous estimation of £102bn, partially due to government stimulus packages introduced this year, data from TheCityUK revealed. Government-guaranteed lending schemes such as the coronavirus business interruption loan [...]
Deloitte starts audit split – the first of the Big Four to do so September 11, 2020 Deloitte will set up an audit governance board, making it the first of the Big Four accounting firms to make headway with demands from the UK regulator. The audit governance board will be effective from 1 January 2021. It will be chaired by Baroness Margaret Ford, who currently chairs Scottish media group STV and real [...]
TheCityUK: Brexit provides an opportunity to evolve trade and migration policy September 9, 2020 As the UK readies for Brexit there is a unique opportunity to transform trade and migration policy, the leading City lobbying firm has said. In a joint report with EY, TheCityUK has set out proposals to evolve the UK’s decades-old trade and migration policy which could “deliver real benefits to the economy”. TheCityUK makes it [...]
UK house prices hit record high as stamp duty cut powers market September 7, 2020 UK house prices hit a record high in August after pent-up demand and the stamp duty holiday combined to power the market upwards, according to lender Halifax. However, Halifax cautioned that prices were “unlikely” to continue on their current path, with rising unemployment set to catch up with the market. Prices rose 1.6 per cent [...]
How City businesses are going digital for City Giving Day September 7, 2020 This year, The Lord Mayor’s Appeal’s City Giving Day celebrations will be somewhat different. Many organisations, both new and old, will have to rethink the way they organise events. And we’ve been thrilled that companies have embraced the chance to broaden their horizons and find even more creative ways to support our communities. They are [...]
Treasury set to reject City coronavirus loan refinance plan September 4, 2020 The Treasury is reportedly set to reject a City of London plan for a new state-owned organisation that would refinance the billions of pounds of emergency coronavirus loans lent to UK companies. Chancellor Rishi Sunak is set to rebuff plans put forward by a group led by trade body The City UK and audit firm [...]
A race to success – Lessons for finance leaders from the Tour de France September 2, 2020 As this year’s Tour de France gets underway, EY Absolute’s Martin Dempsey considers if there are lessons for business to be found on the roads between Nice and Paris. This year’s Tour de France started on 29 August. It is among the most gruelling sporting events in the world and this year will see riders [...]
UK house prices: Will the surge last or is it a bubble? September 2, 2020 UK house prices surged to an all-time high last month as pent-up lockdown demand and chancellor Rishi Sunak’s stamp duty cut stimulated the market. The average UK house price rose to a record £224,123 in August, up from £220,935 in July. Bombastic estate agents greeted the figures with glee, variously describing UK house prices as [...]
UK consultants paid £100m to advise government on coronavirus August 31, 2020 Some of the UK’s largest consulting firms have reportedly been paid more than £100m to advise the government on its response to coronavirus. Delayed disclosures reveal a total of 106 contracts worth £109m have been agreed between various government departments and consulting firms such as PwC, Deloitte and McKinsey since the pandemic took hold in [...]
UK hospitality firms predict 41 per cent drop in summer sales August 27, 2020 UK hospitality firms are predicting a 41 per cent drop in sales over the summer months, although businesses are optimistic that trade will pick up this winter. According to the latest research, six per cent of hospitality and leisure sector companies are confident about growth this summer. However confidence surges in the winter months, with [...]