Coronavirus: British companies rush to mothball results after City watchdog calls for delay March 23, 2020 British companies are rushing to delay the publication of their results following an unprecedented call from the financial regulator for results to be suspended due to the coronavirus crisis. The Financial Conduct Authority (FCA) said late on Saturday that listed firms planning to report preliminary results in the next few days should mothball them for [...]
Coronavirus could drag UK to recession worse than 2008 financial crash March 23, 2020 The coronavirus outbreak could drag the UK into a recession even more severe than the financial crash of 2008, according to new forecasts published today. The UK economy is expected to contract 2.6 per cent this year assuming the pandemic can be contained by the summer, according to KPMG’s latest quarterly economic outlook. However, a [...]
Deal or no deal? How coronavirus is impacting M&A March 22, 2020 Deal advisers say they fear the coronavirus crisis could stop M&A in its tracks in the UK, but predict a wave of distressed deals in the coming weeks as struggling businesses are picked up and companies band together to try and ride out the economic shutdown. KPMG’s head of deal advisory in the UK Liz [...]
Coronavirus: Law and accountancy firms move to remote working in face of covid-19 pandemic March 16, 2020 A string of big legal and accountancy firms have triggered emergency remote working plans this week, sending thousands of workers home as the coronavirus crisis rages. Big Four audit firm Deloitte is asking all its UK staff to work from home tomorrow, while KPMG is allowing staff to work from home if they choose. Magic [...]
Coronavirus: Audit regulator says financial results could be delayed as it holds weekly calls with big accountancy firms March 16, 2020 The audit watchdog the Financial Reporting Council (FRC) said today it was holding weekly calls with large accountancy firms amid worries the coronavirus epidemic could disrupt audits and delay financial reports. The FRC issued updated guidance for auditors today which it said may be “facing practical difficulties in carrying out audits as a result of [...]
Coronavirus: How is business in Italy coping with the crisis? March 15, 2020 Milan. City of the Sforzas, La Scala, Internazionale, Giorgio Armani and Dario Fo. The Lombard capital is also the beating heart of the Italian economy; home to the stock exchange; Italian business success stories such as Unicredit, Versace and Pirelli; and outposts of overseas financial institutions, multinationals, law firms and consultancy giants. Sadly, Milan is [...]
EY appoints audit chief to run UK and Ireland business March 12, 2020 EY has picked its audit chief to run its UK business, continuing the Big Four’s woeful record of senior female leadership. Hywel Ball, who has been with the firm for 35 years, was today appointed as UK and Ireland managing partner from 1 July, succeeding Steve Varley. Ball’s selection over potential female candidates continues the [...]
Budget 2020: What does the Red Box mean for UK tech firms? March 11, 2020 Chancellor Rishi Sunak today unveiled a raft of new fiscal measures as he vowed to deliver on the government’s promise of “levelling up” the UK. Sunak, who took over at No 11 just a month ago, put the coronavirus front and centre of his new policies as the number of cases continues to rise. But [...]
Budget 2020: Sunak commits to an increase in R&D spending March 11, 2020 Chancellor Rishi Sunak has increased tax relief for companies that carry out qualifying research and development (R&D) in his Budget today. The measure increases the rate of the R&D expenditure credit from 12 per cent to 13 per cent. The expenditure credit is a standalone credit that is brought into account as a receipt in [...]
Bad weather and coronavirus fears hurt high street sales March 10, 2020 Bad weather and coronavirus fears kept UK shoppers away from the high street last month, while streaming services and takeaway firms benefited from Brits staying at home. Consumer spending was up 2.2 per cent year-on-year last month, driven by digital subscriptions and takeaways as Brits stayed home to avoid storms and coronavirus risks. More than [...]