Whitehall looks to clamp down on business grant fraud March 1, 2020 Whitehall is planning a review into how business grants are awarded to combat fraudulent claims. The review is set to look at the way grants funding is awarded and the rising instances of “grant fraud”, which some estimate to be worth in excess of £2bn. The Department for Business, Energy and Industrial Strategy (BEIS) has [...]
UK consultants paid £100m to advise government on coronavirus August 31, 2020 Some of the UK’s largest consulting firms have reportedly been paid more than £100m to advise the government on its response to coronavirus. Delayed disclosures reveal a total of 106 contracts worth £109m have been agreed between various government departments and consulting firms such as PwC, Deloitte and McKinsey since the pandemic took hold in [...]
Brits ignore PM’s diet plea as spending on takeaways surges September 8, 2020 Worried about the nation’s weight, Prime Minister Boris Johnson launched an anti-obesity drive in July. But the latest spending data suggests Britons resoundingly ignored his advice. Spending on takeaways and fast food jumped 20.7 per cent year on year in August, according to Barclaycard data released today. That was the biggest rise since the measure [...]
Exclusive: The City’s IPO women on ‘the male-dominated, testosterone-driven culture’ August 24, 2021 When an investor attending a presentation at the RAF club asked Cath O’Neill if she could take his coat, she was bemused. A short while later the same investor apologised profusely, having realized he had mistaken the only female CEO for a member of the waiting staff. O’Neil, who was by then accustomed to being [...]
Budget 2021: Pubs, restaurants and retailers toast Sunak’s announcement but warn of gaps in support March 3, 2021 The hospitality and retail sectors have welcomed the Chancellor’s extended support for pubs, restaurants, shops and salons, but said more could be done to encourage consumers back to the high street after lockdown. Rishi Sunak this afternoon announced measures including a business rates holiday extension, new “restart” grants, a VAT cut extension and a beer [...]
Regulator calls for early interventions in poor audits to help stop scandals May 6, 2020 The audit regulator today called for accountancy firms to flag poor quality audits sooner to help prevent corporate scandals. The Financial Reporting Council (FRC) said tools for spotting signs of poor quality audits should be used more effectively, following a major review of their use. Last year all of the UK’s leading accounting firms failed [...]
Asian markets rise after strong Chinese manufacturing data September 1, 2020 Asian markets rose today after strong readings on China’s vast manufacturing sector offset the weak lead from a softer Wall Street session. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent, to regain some ground it had lost on Monday. The Hang Seng Index in Hong Kong traded 0.18 per cent higher [...]
Wirecard files for insolvency after disclosing €1.9bn financial hole June 25, 2020 Wirecard has filed for insolvency after disclosing a €1.9bn financial hole in its accounts. Shares in the firm were suspended by the Frankfurt Stock Exchange before the announcement. Last week shares in the firm fell by 90 per cent after auditor EY refused to sign off Wirecard’s 2019 accounts. In a statement today, the embattled [...]
Management consultancies cash in £180m for Brexit planning October 28, 2020 Management consultancies have been awarded more than £180m to deliver Brexit, as the government faces mounting criticism for handing out taxpayer cash to private firms during the pandemic. Documents released yesterday showed the government has signed six Brexit contracts each worth £30m with KPMG, McKinsey, Bain, Deloitte, Accenture and PwC. Ministers said the £180m sum [...]
City workers committed to the commute despite PM’s working from home u-turn, TfL data shows October 7, 2020 City workers committed to the commute despite Boris Johnson's working from home u-turn, according to new Transport for London