EY UK to cut partner profit 20 per cent in coronavirus response April 15, 2020 EY UK said today it will cut partner profit 20 per cent in response to the coronavirus pandemic. The firm said in a statement that “its partners will do everything possible to navigate through the covid-19 situation with no redundancies amongst its 17,000 UK employees, no people furloughed and no reduction in employee salaries.” The [...]
HMRC offers COVID-19 extension for import VAT and duty payments due on 15 April April 10, 2020 The payment of VAT and duties can be a significant cash flow burden on businesses and HMRC has recognised this in the number of easements introduced in response to the COVID-19 crisis. The Chancellor announced on 20 March that VAT payments due from 20 March to 30 June could be deferred until 31 March 2021. [...]
UK economy grew just 0.1 per cent before coronavirus lockdown April 9, 2020 The UK economy grew 0.1 per cent in the three months to February before the coronavirus lockdown hit businesses. The Office for National Statistics (ONS) data showed the increase was entirely down to the services sector. The tiny rise, which is measured on a three-month rolling basis, was a slight improvement on the three months [...]
FCA business plan faces ‘months’ of delays due to coronavirus April 7, 2020 The Financial Conduct Authority (FCA) today warned its business plan could be delayed for months due to the coronavirus pandemic. The City watchdog said the “unprecedented” public health crisis had sparked huge uncertainty, adding that it might be forced to rewrite its plan in the coming months. The stark warning came as the FCA unveiled [...]
UK productivity shows weak growth before coronavirus hit April 7, 2020 UK productivity grew by 0.3 per cent year on year in the final quarter of 2019, official statistics have shown, marking relatively weak growth before coronavirus hit the economy. The figure was unchanged from the previous quarter but was an improvement from the previous four quarters of zero growth or contraction, the Office for National [...]
UK house prices face unpredictable blow from coronavirus after March rise April 7, 2020 UK house prices jumped in March, before the impact of the coronavirus lockdown was felt. House prices were up three per cent year on year. However, on a monthly basis, UK house prices were flat. The average UK house price was £240,384 last month, according to the latest Halifax research. However, the outbreak of coronavirus [...]
NMC Health strives to avoid administration after being hit by creditor court action April 6, 2020 Scandal-hit NMC Health is working to avoid going into administration after being hit by a court action brought by one of its creditors. The London-listed company said today that lawyers acting for Abu Dhabi Commercial Bank (ADCB) filed an application on 2 April in the High Court to appoint administrators to NMC with a hearing [...]
COVID-19 has now triggered 215 profit warnings April 3, 2020 The headline number tells you that we’ve recorded 215 COVID-19 related profit warnings in 2020, as of 9am 2 April 2020. Of those 215 COVID-19 related warnings, almost 190 have come in the last three weeks. That’s significantly higher than any quarter we’ve recorded in the last 21 years. It’s almost as many as we’ve counted [...]
COVID-19: What practical measures can businesses take to keep operating? April 3, 2020 EY’s latest COVID-19 webcast focused on the pressing challenge of business continuity, asking what measures companies can practically take to keep operating in these extraordinary circumstances. Clearly, businesses are dealing with very different and evolving sets of challenges – from companies experiencing massively increased sales, to those battling sudden falls in demand and businesses who [...]
Business heavyweights sign on to Covid-19 business pact April 2, 2020 Some of the UK’s largest companies, including BP and RBS, have signed up to a pledge to provide extra support their employees and customers through the coronavirus. Former cabinet secretary Justine Greening created the initiative, called the C-19 Business Pledge, and involves companies promising to offer things like financial security advice and mental health help [...]