Mortgage approvals jump to 16-month high while consumer credit growth slows, Bank of England figures show August 30, 2017 Mortgage approvals for house purchases jumped to a 16-month high in July, new figures from the Bank of England released today show. Last month, some 68,689 mortgages were approved, up from 65,318 in June and a seven-month low of 65,140 in April. Howard Archer, chief economic adviser for the EY Item Club, noted that July’s [...]
Global professional services firm EY grows its UK footprint with Edinburgh expansion August 30, 2017 Professional services firm EY is expanding its presence in Edinburgh by taking 32,000 sqft. in the prestigious Atria development. EY is the largest professional services firm in Scotland, employing 1,000 people across four offices in Aberdeen, Edinburgh, Glasgow and Inverness. In total, there are 34 partners in Scotland, 15 of them working in the financial [...]
Initiatives focused on ESG reporting are making progress, but there is more to do August 29, 2017 It is frequently acknowledged that investors should identify and analyse any environmental, social, and governance (ESG) factors that could impact the value creation and risk profile of companies and integrate these factors into their investment process. Evidence supporting the relevance of this type of information for investors continues to grow — see, for example, [...]
Deloitte’s profits flatline after six month ban from UK government contracts August 29, 2017 Deloitte’s profits flatlined last year as the accountancy firm navigated a six-month ban from pitching for UK government contracts. The figures Revenue for the year ended 31 May rose 11.2 per cent to £3.4bn, with consultancy revenue up 13.6 per cent to £859m and revenue from Deloitte’s audit and risk advisory business up 13.1 per [...]
EY heads off competition and snares BHP Billiton audit from 2019 August 22, 2017 Big Four accountant EY has snared a lucrative victory, replacing KPMG as mining giant BHP Billiton’s auditor. BHP conducted an audit tendering process during the year in the wake of regulations forcing firms to rotate their statutory accountants. As a result, incumbent KPMG did not bid to continue its role. EY will take over from [...]
The Night Tube has topped expectations by boosting London’s economy by £171m in its first year | City A.M. August 18, 2017 London mayor Sadiq Khan has said economic and passenger numbers for the first year of Night Tube services have topped expectations, boosting the capital’s economy by £171m. The Night Tube began operation on the Central and Victoria Lines in August last year, before being rolled out onto the Jubilee Line in October, the Northern Line [...]
UK trade balance widens again a year after the Brexit vote August 10, 2017 Britain’s trade deficit with the rest of the world went up again in June, as the amount of goods and services being imported to the country grew. The UK’s total trade deficit widened by £2bn to £4.6bn, according to the Office for National Statistics. This marks the widest gap since September last year. Read more: [...]
HS2: Carillion share price leaps as it bags contracts to build two sections of HS2, transport secretary Chris Grayling says July 17, 2017 The companies awarded £6.6bn of contracts to build the first stage of the UK’s largest-ever infrastructure project include Skanska, Balfour Beatty, Sir Robert McAlpine – and troubled construction giant Carillion. Transport secretary Chris Grayling named the companies appointed to build the southern, central and northern sections of the line this morning. When it is built, [...]
BT’s Openreach checks £1.5bn Carillion deal July 17, 2017 Openreach, the infrastructure arm of BT, has launched a “forensic investigation” into its landmark £1.5bn contract with crisis-hit Carillion after the construction firm had over half its value wiped out in under a week. The telecoms giant is examining how Carillion’s troubles could affect the delivery of much-needed upgrades to Britain’s internet infrastructure, sources told City [...]
Luck of the Irish? Dublin has been the biggest Brexit winner (so far) in financial services July 10, 2017 Dublin has been the biggest Brexit winner in financial services so far, a new report today shows. Just over one year after the EU referendum, 59 out of 222 financial services companies tracked by EY, 27 per cent, have said they are moving staff and operations out of the UK or are reviewing their options. [...]