UK’s top accounting watchdog wants more powers from parliament following KPMG-HBOS probe November 30, 2017 The top accounting watchdog in the UK has called for accountants to be held to higher standards when auditing companies, after a probe into KMPG’s audits of HBOS in the run-up to the lender’s collapse failed to find the accountant guilty of misconduct. Read more: KPMG has been cleared of wrongdoing over its 2007 HBOS [...]
FCA head Andrew Bailey calls for Brexit transition arrangements between UK and EU November 29, 2017 The head of the Financial Conduct Authority has urged the UK and the EU to outline a transition agreement as soon as possible. Speaking to a Lords sub-committee today, Andrew Bailey said he was not hopeful the government would achieve a signed agreement, but some form of commitment would be important. Read more: German central [...]
IEA: Break Brexit impasse with partial divorce bill offer – but make sure conditions are attached to the full settlement November 24, 2017 The UK should make a partial offer on the Brexit divorce bill to make sufficient progress, but withhold the final amount until a trade deal has been agreed, a new report claims. The Cabinet is understood to have discussed making an offer of £40bn as pressure piles on Theresa May and David Davis to break [...]
Michel Barnier accused of “backtracking” after Brexit divorce bill ultimatum climbdown November 24, 2017 The EU’s chief negotiator has been accused of “backtracking” over threats to block trade talks unless the UK put forward its divorce bill offer by today (24 November). A fortnight ago, after yet another formal round of talks ended without progress, Michel Barnier told reporters the UK had two weeks to give “clarity” on the [...]
City think-tank warns the UK must cough up more money to successfully negotiate a transition period November 22, 2017 Leading City think-tank New Financial has found that a Brexit transition period agreed in the next few months would reduce the risk of a “cliff-edge” Brexit, but warned such a deal is unlikely. In its latest report, entitled “A transition to Brexit – deal or no deal?”, New Financial said that the UK will have [...]
Autumn Budget 2017: Chancellor Philip Hammond’s speech in full November 22, 2017 You can read the chancellor's Budget speech in full here: Mr Deputy Speaker I report today on an economy that continues to grow, continues to create more jobs than ever before and continues to confound those who seek to talk it down. An economy set on a path to a new relationship with our European [...]
Ministers poised to sign off new Brexit bill offer November 20, 2017 Ministers are poised to sign off a new offer to the EU as the UK tries to push forward negotiations over the Brexit bill, according to reports. Theresa May has already offered to pay €20bn to the bloc, however, this falls short of the EU’s demand for a €60bn divorce settlement. Read more: Barnier: City [...]
Mitie Group share price drops as it reveals another FRC investigation and announces drop in profit and revenue November 20, 2017 Mitie Group has revealed the accounting watchdog has opened another investigation into the group’s financial statements, as it unveils its first half results. The figures Revenue was up four per cent in the first half of 2017, from £922.6m to £959.7m. Operating profit dropped 38.1 per cent to £14.8m from £23.9m. Basic earnings per share [...]
Editor’s Notes: Work on a trade deal has begun, even if the EU hasn’t noticed, Labour turns against the City of London Corporation and Art 4 Grenfell October 20, 2017 Another week, another round of the Brexit dance in Brussels. The Europeans are inching towards the next phase of talks, though with “sufficient progress” not yet being confirmed they’re talking about commencing internal discussions about preparing for the next round. While this slow pace is infuriating, it’s always worth looking behind the public statements to [...]
A successful industrial strategy requires letting zombie firms die October 20, 2017 As the government considers its industrial strategy white paper, due later this year, it must first break free from blinkered thinking. While doubtless well intentioned, the familiar policies under discussion so far – additional public infrastructure investment, more state-funded research, and skills enhancement, with a particular focus on management training – are not sufficient to [...]