Square Mile lockdown: City firms plot staff’s return to work May 14, 2020 City banks and professional services firms are drawing up plans to send staff back to the office as the UK begins to ease its coronavirus lockdown. Earlier this week Prime Minister Boris Johnson announced that people who can work from home should continue to do so, as he laid out guidance to make workplaces “Covid-secure”. [...]
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 [...]
Awards 2016 October 26, 2021 The City A.M. Awards for 2016, held at the glitzy Grange hotel opposite St Paul’s Cathedral, saw 14 individuals or businesses collect gongs in front of a star-studded audience of around 500 City figures. Our congratulations go to all the winners who stood out during 2016 for their exceptional work. The event, however, is not [...]
Top City investors urge UK firms to pay living wage November 28, 2019 Some of the City’s biggest investors have written to the chief executives of companies including Just Eat, British Airways, and Royal Mail urging them to pay the so-called real living wage. The letter, published today, outlines a growing business case for the living wage, arguing that it can boost productivity, reduce staff turnover and improve [...]
Unemployment rate set to surge in UK coronavirus lockdown April 21, 2020 The UK unemployment rate is set to rocket amid the coronavirus lockdown, economists warned today as data showed employment at a record high before March. But job vacancies sank by 52,000 year on year to 795,000 for the first three months of 2020, the Office for National Statistics (ONS) said. UK unemployment also inched up [...]
Economists question Bank of England’s ‘optimistic’ forecast August 6, 2020 The Bank of England today kept interest rates on hold and said the UK economy would not shrink as much as initially thought this year, but it said the recovery would take longer. But some economists have questioned the assumptions, arguing that high unemployment will damage the economy. The Bank said the UK economy was [...]
Wirecard chief quits as shares plummet over missing €1.9bn June 19, 2020 Wirecard chief executive Markus Braun has resigned with immediate effect after the German payments firm’s disclosure of a €1.9bn (£1.7bn) accounting black hole sent shares into a tailspin. Shares have plunged more than 80 per cent since Wednesday’s close after auditor EY yesterday refused to sign off Wirecard’s financial accounts after discovering that €1.9bn of [...]
Patisserie Valerie appoints administrators for Grant Thornton probe July 26, 2019 Patisserie Valerie’s creditors have appointed new administrators to probe the cafe chain’s auditor Grant Thornton. FRP Advisory will take over from KPMG after the financial services firm said it could not investigate Grant Thornton due to a conflict of interest. Grant Thornton audits KPMG’s accounts. Read more: Patisserie Valerie overstated financial position by £94m The [...]
Audit watchdog could push for clawback of audit partners’ bonuses after poor quality work November 17, 2019 The audit watchdog could push for powers to clawback bonuses from audit partners if an audit fell below a certain level of quality. The Financial Reporting Council (FRC) is thinking of asking the government for powers to set remuneration standards for auditors, The Sunday Times reported. The idea follows scandals at department store BHS, outsourcer [...]
Boxpark’s profits jump as pop-up venue targets UK expansion February 3, 2020 Boxpark reported a jump in profit last year as the pop-up shipping container venue sets its sights on expansion outside of London. The food and retail operator – which launched in Shoreditch in 2011 – said net profit was up 22 per cent to £1.6m and turnover soared 58 per cent to £12.5m in the [...]