Wages on downward trend in April to cast doubt on Bank of England rate rise prospects | City A.M. July 17, 2018 Growth in Britain’s pay packets continued on a downward trend in April, new data showed today, casting doubt on Bank of England economists’ contention that rising wage pressures will require interest rates to rise. Average weekly earnings grew by 2.5 per cent in the three months to May, slower than an upwardly revised 2.6 per [...]
Chancellor Philip Hammond’s Autumn Budget contained tricks and treats for your personal finances October 31, 2018 The move of this year’s Autumn Budget to Monday this week rather than its traditional Wednesday slot was ostensibly to give MPs more time to debate the chancellor’s proposals before the House of Commons rises for recess on 6 November. But presumably Philip Hammond also hoped to avoid some Halloween-themed headlines, which he himself alluded to [...]
Carillion labelled “one of the most complex insolvencies ever” as jobs saved nears 10,000 barrier April 3, 2018 The government will today announce more than half of Carillion’s pre-liquidation workforce have had their jobs saved. The Insolvency Service is to reveal almost 1,000 more positions have been safeguarded. This means nearly 10,000 of Carillion’s 18,000-strong directly employed workforce have seen their roles preserved. The announcement comes as Carillion’s liquidation nears its three-month anniversary. [...]
Outrage-induced regulation will not fix the broken audit market October 12, 2018 The audit market is broken. Don’t take my word for it – ask Rachel Reeves, the Labour MP who chairs the BEIS select committee, or Liberal Democrat leader Vince Cable, or even the Conservative business secretary Greg Clark, who last month ordered an inquiry into competition in the sector. With such cross-party concerns, it should not [...]
London’s house price slowdown worsens as summer slump hits July 16, 2018 London's house price slump has deepened as the market enters its traditional summer lull, with experts signalling a boon for prospective first-time buyers. The average asking price of a house in the capital is down more than £11,000 compared to this time a year ago, marking the sharpest annualised fall since January. The closely-watched Rightmove [...]
Paul Drechsler pledges to use Brexit as opportunity for business as he swaps CBI for London First May 25, 2018 The Confederation of British Industry president Paul Drechsler is to become chairman of lobby group London First, pledging to use Brexit as an opportunity to improve the environment for the capital’s businesses and residents. Drechsler will take on the reins on 1 July, after his three-year term at the CBI concludes. He is taking over [...]
Ollie Phillips: Cipriani not the only Gloucester stand-out, Bath struggling for identity and Wasps’ hole at fly-half September 13, 2018 The Premiership season moves so quickly and we’re already approaching the third round of fixtures – and the third west country derby. Before you know it the The Champions Cup will roll around and November’s internationals will be upon us. England have not been playing well of late, so this period is a chance for [...]
Ollie Phillips: Cipriani not the only Gloucester stand-out, Bath struggling for identity and Wasps’ hole at fly-half September 13, 2018 The Premiership season moves so quickly and we’re already approaching the third round of fixtures – and the third west country derby. Before you know it the The Champions Cup will roll around and November’s internationals will be upon us. England have not been playing well of late, so this period is a chance for [...]
Big Four firm KPMG has been slammed by Britain’s accountancy watchdog June 18, 2018 Big four accountancy firm KPMG was slammed this afternoon for the “unacceptable deterioration” in the quality of its audit work. The industry’s watchdog, the Financial Reporting Council (FRC), said the firm, which audited Carillion before its collapse in January, will now face increased scrutiny. Half of KPMG’s FTSE 350 audits are “in need of more [...]
MPs slam Carillion’s ‘rotten’ corporate culture and call for break up of the big four audit firms May 16, 2018 MPs today slammed Carillion’s “rotten” corporate culture and called for a break up of big four audit firms. A report published today by the Work and Pensions and Business, Energy and Industrial Strategy (BEIS) Committees said that Carillion’s collapse was a “story of recklessness, hubris and greed”. Read more: Failed outsourcer Carillion hid true level [...]