Soaring energy bills to drag on UK economy, new forecasts reveal March 28, 2022 Swelling energy bills are set to drag on the UK economy this year by sending a chill through household spending, reveals new research published today. Household energy bills will almost double in October even after rebates are handed out, according to new forecasts published by the EY Item Club today. The downbeat assessment adds to [...]
Retail sales drop as Brits return to venues while cost of living crunch looms March 25, 2022 Retail sales volumes fell 0.3 per cent last month as Brits made the most of Covid restrictions abating. Stormy weather also deterred shoppers from making trips to the high street, with Storm Eunice and Storm Dudley causing travel haovc across the country last month. According to the Office for National Statistics (ONS), shoppers bought less [...]
Sunak resists calls to scrap tax hikes despite lower than expected borrowing March 22, 2022 The government borrowed much less than expected over the year so far, indicating Chancellor Rishi Sunak has room for giveaways at tomorrow’s spring statement. The UK borrowed nearly £26bn less than the fiscal watchdog expected in the year to February, the Office for National Statistics (ONS) said today, freeing up some room for the Chancellor [...]
City Moves: Who’s switching jobs in the Square Mile? March 22, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Savills Savills has appointed a new head of diversity and inclusion (D&I) for its UK businesses. Joining from the Department of Health & Social Care where she was deputy director of D&I for wellbeing and culture, Chanelle [...]
Experts call for “step change” in EV infrastructure roll out March 22, 2022 Electric vehicle (EV) infrastructure’s roll out needs a “step change”, industry experts warned today. In report published today by EV infrastructure company Connected Kerb, experts from EY, Motability and UKPN outlined that growing demand is not met by a similar roll out of infrastructure. While EV registrations went up 154 per cent of 2021 levels, [...]
Gambling sector warns against ‘naive changes’ in long-awaited white paper March 21, 2022 The gambling industry has vowed to back the Chancellor’s economic recovery plan so long as the long-awaited white paper does not bring “well-meaning but naive changes”. Chief of the Betting and Gaming Council (BGC) Michael Dughe warned that whilst bookies were ready to help Rishi Sunak recover the public finances after the pandemic, he said [...]
City Moves: Who’s switching jobs in the Square Mile? March 18, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. EY EY has appointed a new UK partner and payments leader, as it expands its financial services technology consulting practice amid rising market demand. Joining from technology and management consultancy Capco, Alla Gancz brings over 25 years [...]
Big Four auditors EY, KPMG, Deloitte and PwC face SEC probe over conflicts-of-interest March 16, 2022 The US watchdog tasked with regulating financial markets has launched an investigation into potential conflicts of interest in the Big Four accountancy companies. The US Securities and Exchange Commission (SEC) has set up a probe into whether the Big Four’s businesses selling consulting and non-audit services undermine their ability to provide objective and independent audits, [...]
German law firm launches class action lawsuit against EY over Wirecard scandal March 16, 2022 A German law firm has opened a class action lawsuit against Big Four accountancy firm EY over the auditor’s role in the multi-billion-euro Wirecard scandal. German law firm TILP said it had filed a lawsuit in a Munich court on behalf of Wirecard shareholders, over claims that EY breached its duty to investors by “aiding [...]
London’s largest law firm DLA Piper closes Russian offices March 15, 2022 The City of London’s biggest law firm by revenue, DLA Piper, is set to close its Moscow and St Petersburg offices, as law firms from across the globe continue to pile out of Russia. In a statement, DLA Piper said it will transfer its Russian business to the UK, in line with the “legal and [...]