UK retail sales post strongest quarter on record July 13, 2021 UK retail sales posted their best quarter on record as the lifting of Covid restrictions and Euro 2020 triggered a burst in consumer spending, according to new figures released today. Figures from the British Retail Consortium and KPMG show retail sales surged 10.4 per cent in the second quarter of this year compared to the [...]
KPMG: Financial services firms ability to tackle the pandemic and climate risk will be a measure of their success July 12, 2021 Tomorrow’s Financial Stability Report from the Bank of England will no doubt applaud the crucial role played by UK financial services in guiding our economy through the pandemic so far. But, to think we are out of the woods is an error – leaving lockdown will require every bit as much caution as surviving it has. [...]
UK economy grows 0.8 per cent in May July 9, 2021 The UK economy expanded in May, but at a much slower pace than in recent months as growth stalled in retail, manufacturing and construction, new figures released today show. GDP rose 0.8 per cent in May 2021, the fourth consecutive month of growth, according to the ONS. The expansion was driven by a resurgence in [...]
1MDB and Malaysia sue 44 KPMG partners for $5.6bn July 9, 2021 Malaysia govt, its Ministry of Finance and 1MDB are suing 44 KPMG Malaysia partners in a $5.64bn suit for their part in auditing the state investment fund. The lawsuit, which was filed earlier this week, accused KPMG of committing breaches of contract and negligence in its audit and certification of 1MDB’s financial statements for the [...]
Audit reforms: IoD call for caution in plans to break Big Four dominance July 8, 2021 The government should approach its plans for an audit and corporate governance reform with greater caution, said the Institute of Directors (IoD). A government white paper aimed at breaking up the concentration of the Big Four auditing firms – Deloitte, PwC, KPMG and EY has stirred criticism from the business group, who said that the [...]
UK labour supply falls at fastest rate on record in June July 8, 2021 The supply of UK workers slid at its fastest rate on record as firms struggle with severe labour shortages, according to a survey released today. The latest KPMG and REC report on jobs shows supply of both permanent and temporary staff in June fell at its quickest pace since the survey started 24 years ago. [...]
Asda adopts permanent hybrid working for office staff July 2, 2021 Staff at Asda head offices will be able to choose where they work on a permanent basis even Covid restrictions are eased and working from home guidance is dropped. The change means around 4,000 staff, most of whom are based in Leeds, will be able to work more flexibly on a permanent basis. Asda said [...]
Car production still stalled at just half of pre-pandemic levels June 25, 2021 The number of cars produced in the UK last month remains mired at nearly half of pre-pandemic levels as the industry grapples with shortages of key components like semi-conductors. In May, 54,962 cars rolled off production lines, a tenfold improvement on the same month in 2020, when factories were in lockdown. However, the figure is [...]
KPMG told to expect £250m claim for Carillion collapse June 23, 2021 Accounting giant KPMG is expected to be told to pay £250m for its role in the collapse of outsourcing firm Carillion, its former client, in 2018. On behalf of the Insolvency Service, lawyers have warned KPMG to expect a claim. The expected move is part of an effort to reclaim funds that will be used [...]
Sanjeev Gupta’s Jaguar Land Rover supplier in talks with lenders June 21, 2021 A branch of Sanjeev Gupta’s metals empire that supplies Jaguar Land Rover is in talks with its lender to avoid collapse. Liberty Aluminium Technologies (LAT) is currently engaged in negotiations with its lender Close Brothers, in an effort to avert being placed into administration, Sky News first reported. The embattled firm employs 250 people across [...]