Deloitte announces reduced UK partner promotions round June 5, 2018 Big four accountant Deloitte has announced a reduced 2018 partner promotions round with the number making the grade in the UK and north west Europe both dipping. Partner promotions in the UK fell five per cent from 57 last year to 54 in 2018. The number and percentage of new female partners in the UK [...]
UK GDP: Economy suffers worst rate of growth in six years May 25, 2018 The UK’s economy grew at the worst rate since 2012, figures out this morning show. GDP grew by just 0.1 per cent in the first quarter of the year, according to the second, unrevised, estimate put out by the Office for National Statistics. And once you adjust for population changes, the figures are even worse: [...]
Carillion inquiry demands transport secretary Chris Grayling answers accountant ‘conflicts of interest’ queries May 21, 2018 A parliamentary inquiry into Carillion’s failure has written to transport secretary Chris Grayling, demanding answers about multiple roles performed by Big Four accountant EY. Under the heading “conflicts of interest”, MPs have asked Grayling if he was aware EY was simultaneously supporting Carillion’s management on the perilous state of the firm’s finances while also advising [...]
EY, KPMG, PwC, Deloitte: After Carillion, breaking up the Big Four accountancy firms is not the answer May 21, 2018 Breaking up, as Neil Sedaka has said on more than one occasion, is hard to do. Saying you want to break up, though? Well, that’s a heck of a lot easier. When delivering their findings into Carillion’s demise last week, MPs realised that bayoneting the dead firm’s carcass was hardly a valuable exercise. Instead, they [...]
Visas could cost UK firms 300 per cent more after Brexit, warns report May 21, 2018 British businesses could face soaring costs when hiring employees from Europe unless the UK’s immigration system is reformed, a new report has found. Firms bringing skilled European workers into the UK could face an increase in costs of up to 300 per cent unless changes are made in preparation for Brexit, TheCityUK and EY warned. [...]
Labour shadow chancellor John McDonnell attacks audit firms for ‘lining their pockets’ and blames Carillion’s demise on regulator failings May 19, 2018 Labour has pledged to smash Britain’s accountancy firm “cartel” and today demanded a “complete overhaul” of the way company finances are policed. Shadow chancellor John McDonnell attacked larger audit firms, which “operate with impunity whilst lining their pockets”. Speaking at a Labour conference in London this afternoon, McDonnell launched a review of both the accountancy [...]
Carillion collapse: Fail to learn and ‘I don’t think we’ll have a profession in 20 years time’, says accounting chief May 16, 2018 Big Four giants Deloitte, PwC, EY and KPMG face extinction if they fail to learn the lessons from the failure of contracting giant Carillion, the head of Britain’s leading accountancy institution warned this morning. Carillion’s mid-January collapse is a “watershed moment” for accountants both big and small, Institute of Chartered Accountants in England & Wales [...]
MPs slam Carillion’s ‘rotten’ corporate culture and call for break up of the big four audit firms May 16, 2018 MPs today slammed Carillion’s “rotten” corporate culture and called for a break up of big four audit firms. A report published today by the Work and Pensions and Business, Energy and Industrial Strategy (BEIS) Committees said that Carillion’s collapse was a “story of recklessness, hubris and greed”. Read more: Failed outsourcer Carillion hid true level [...]
UK construction output falls to lowest levels since 2012: ONS May 10, 2018 UK construction output fell 2.7 per cent in March, the biggest decline since August 2012, according to the Office for National Statistics. The three-month on three-month decline in the sector was driven by falls in both repair and maintenance, and new work, which fell 2.8 per cent and 2.6 per cent respectively, the ONS said. [...]
UK construction rebounds in April led by strong house building recovery May 2, 2018 The UK construction sector has bounced back to a five-month high, led by a strong performance in house building, according to the latest IHS/Markit purchasing managers’ survey. The seasonally adjusted index came in at 52.5 for April, a sharp upturn from the 20-month low seen in March of 47.0, due largely to the winter storm [...]