PwC to ramp up partner pay packages to record highs after Covid profit rush July 17, 2021 The UK’s largest accountancy firm has done so well out of the pandemic that average partner pay at the firm has surged to a record £868,000. Demand for PricewaterhouseCoopers’ (PwC) consulting services has weathered Covid extremely well, and the firm is set to publish record-high revenues later in the year, according to reports in Sky [...]
Weekend Read: Job market tension threatens to derail Britain’s economic recovery July 17, 2021 The UK labour market is roaring back to life. After months of being shuttered due to Covid, businesses are finally welcoming customers back through their doors – and ramping up hiring to cope with soaring demand. Companies added 356,000 workers to payrolls over the last month. Total weekly hours worked has reached its highest level [...]
The outlook for business post-pandemic July 16, 2021 As we work towards exiting the pandemic we’ve spoken to insolvency expert, Blair Nimmo CA, on the outlook for businesses post-pandemic. Blair, the former UK Head of Restructuring and Global Head of Insolvency at KPMG, is Interpath’s Chief Executive Officer. As well as leading the strategic direction of the Interpath business, Blair also takes an [...]
Fees rise as Big Four still dominate FTSE 100 audits market July 14, 2021 Long-standing plans to increase competition in the auditing market appear to have been delayed slightly longer, as the Big Four accounting firms continue to dominate. The Financial Reporting Council (FRC), the regulator for auditors, said that KPMG, EY, Deloitte and PwC audited all FTSE 100 companies in a roughly even four-way split. Government-backed reviews had [...]
UK inflation hits 2.5 per cent in June July 14, 2021 UK inflation jumped again in June, outpacing economists’ expectations to accelerate away from the Bank of England’s target, the Office of National Statistics (ONS) revealed this morning. The Consumer Price Index (CPI) rose to 2.5 per cent last month, its highest level since August 2018, up from 2.1 per cent in May. Analysts had forecast [...]
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 [...]