Government to ban private finance initiatives for future public sector projects after Carillion collapse October 29, 2018 The government will abolish the use of private finance initiatives (PFI) to fund future projects, chancellor Philip Hammond announced today. The announcement in Hammond's Autumn Budget, the last before Brexit, comes after the collapse of construction giant Carillion put the controversial funding model in the spotlight. "We will honour existing contracts, but the days of the public [...]
Big Four accountant EY admits need for improved audit standards as UK revenues rise October 29, 2018 Accounting giant EY has said that standards must improve in the audit sector and welcomed an investigation by the Competition and Markets Authority into the scrutinised sector, as it reported increased UK revenue today. The figures EY’s fee income, equivalent to revenue, grew 2.7 per cent to £2.41bn for the financial year ending June. EY’s partners will [...]
Consumer credit growth stutters to three-year low as UK house purchases fall back October 29, 2018 Consumer borrowing grew at its lowest rate for three years last month after car sales dropped 20 per cent, the Bank of England revealed today. The annual growth rate of consumer borrowing hit 7.7 per cent last month, the lowest it's been since June 2015, and far below the 10.09 per cent growth rate in [...]
BDO extends lead as top junior market auditor October 29, 2018 BDO, the UK’s sixth-largest audit firm, has hugely extended its lead as the UK’s top auditor of mid-size, Alternative Investment Market (Aim)-listed firms – more than quadrupling the gap between it and second-placed KPMG in the past half a year. New data from Adviser Rankings shows BDO now has 149 Aim-listed clients, 23 more than [...]
Audit watchdog boss Stephen Haddrill set to step down amid probe October 28, 2018 The chief executive of the Financial Reporting Council (FRC), Stephen Haddrill, is reportedly preparing to step down amid a government probe into the watchdog’s operations. Haddrill is planning to leave within months, Sky News reported. He has led the FRC, which monitors and regulates the audit sector, since 2009. Citing an anonymous source, Sky said [...]
Jes Staley seeks to brush off Bramson challenge but Barclays still faces the headwinds October 24, 2018 Barclays CEO Jes Staley struck a bullish tone yesterday, insisting his investment banking division was on the up. Third quarter profits jumped to £1.5bn, up from £1.1bn a year ago. If this puts a spring in Staley's step, there are plenty of items in his in-tray to pull him back down to earth – not [...]
Mortgage approvals fall to six-month low in September as experts warn of ‘fragile’ housing market October 24, 2018 Mortgage approvals fell to their lowest value in half a year in September, according to the latest data from UK Finance, meaning every month of 2018 so far has dropped against 2017 approval numbers. Lending amounted to £21.5bn for the month, the lowest since the £20.6bn recorded in April and a drop of 1.2 per [...]
City Moves for 24 October – who’s switching jobs at Landor, Duff & Phelps and Nodthera? October 24, 2018 Here are today’s City Moves: at Landor, Duff & Phelps and Nodthera. Landor Landor, one of the world’s leading global brand consultancies, today announced that Peter Knapp has been named chairman, effective immediately, in addition to continuing his role as chief creative officer. T his new position reports to Landor chief executive Jane Geraghty. A 25-year [...]
Profit warnings trigger sharpest drop in share prices since financial crisis October 22, 2018 Profit warnings have sparked dramatic share price drops not seen since the height of the financial crisis a decade ago, according to a report out today from accountancy firm EY. FTSE companies that have issued a profit warning in the third quarter of 2018 have suffered an average 21 per cent fall in the value [...]
Audit’s perfect storm: How bean counters found themselves at the centre of a public uproar October 21, 2018 On the the surface, there is little reason for audit to get the blood pumping. The reality, however, is quite different, and threatens to present the sector’s biggest players – sprawling multi-nationals used to finding that all news is good news when you count the beans – with the toughest challenge they have seen in [...]