How the chancellor can unlock more private capital for infrastructure November 23, 2016 Chancellor Philip Hammond is widely expected to outline a more flexible approach to deficit reduction when he delivers his first Autumn Statement today. Flexibility seems wise, given the scale of uncertainty as the UK prepares to leave the EU. Ministers have identified investment in infrastructure as a means to boost the UK’s competitive standing. In [...]
High Court to decide on judicial review for fracking proposals in North Yorkshire November 22, 2016 British High Court judges will announce whether they will back a judicial review into proposals to use test hydraulic fracturing – or fracking – in North Yorkshire. Any review would likely be held this week, but if the application is not successful gas company Third Energy will be able to continue work on the site. Third [...]
Transport for London offers to pay for the funerals of Croydon tram crash victims November 16, 2016 Transport for London (TfL) has offered to pay for the funerals of the seven victims of the Croydon tram crash on 9 November. Six men and one woman died, while 51 others were injured, after a tram derailed. TfL pledged to do "everything we can to support the families and all those affected". Read more: Watch: [...]
Fraud squad eyes end of Tesco investigation November 13, 2016 The fraud squad is expected to announce within weeks what its next steps for Tesco will be, as it wraps up its investigation into the black hole in the retailer's accounts. The Serious Fraud Office (SFO) launched its probe into the supermarket giant's accounting practices in October 2014, and brought charges against three individuals, Carl Rogberg, [...]
Deloitte fined a record £4m by accountancy watchdog over audit of Aero Inventory November 10, 2016 Deloitte has been fined a record £4m by the accountancy watchdog for misconduct in its audit of AIM listed Aero Inventory in the run up to its administration in 2009. In particular, the Financial Reporting Council (FRC) claims the accountancy giant, along with partner John Clennett, fell short of the standard expected when auditing the company in [...]
New targets to have women in 33 per cent of top exec jobs by 2020 unveiled November 8, 2016 New targets has been set for FTSE 100 companies to have at least 33 per cent of their executive pipeline positions filled by women for 2020. The government-commissioned Hampton-Alexander Review has been unveiled with statistics to be released tomorrow showing that 25 per cent of those currently sitting on FTSE 100 exec committees and their direct [...]
HSBC UK expected to name former London Stock Exchange boss as chair October 31, 2016 Dame Clara Furse is close to being named chair of HSBC UK, the new ring-fenced retail bank, it has emerged. The former chief executive of the London Stock Exchange Group could be appointed as early as tomorrow, Sky News first reported. As part of the move – which would be subject to regulatory approval – she would [...]
London must shake off its complacency over housing and infrastructure if it’s to thrive post-Brexit October 31, 2016 Rarely has a ranking of the world’s greatest cities been released in the past few years without London at its top, or very near it. PwC recently named the capital the world’s best city for opportunity, praising its economic clout, its attractiveness to foreign direct investment, its highly skilled workforce, and its status as a [...]
Former Co-operative Bank boss admits misconduct October 28, 2016 A former boss of the Co-operative Bank has admitted misconduct and agreed to pay out £20,000 to the Financial Reporting Council (FRC). Barry Tootell, the chief financial officer and chief executive of the Co-Operative Bank between 2009 and 2013, was accused of not exercising due skill, care and diligence in managing the firm for which he [...]
Don’t rely on downsizing to make up for your insufficient pension October 27, 2016 After years of runaway house prices, few will be surprised that a sizeable proportion of the UK’s net wealth is tied up in property. The latest ONS statistics show that dwellings make up a massive 62 per cent, or £5.5 trillion, of the country’s £8.8 trillion total. So it is also unsurprising that many see [...]