PwC sounds alarm over sluggish economic recovery October 18, 2016 PwC has become the latest big name to raise concerns about the implications of the technological revolution on inequality, economic growth and unemployment. In a new report, the accountants point out that while the developed world has bounced back from the financial crisis in terms of the size of individual economies, consumer spending is still down [...]
Financial services firms expect to step up the pace of hiring over the next quarter September 25, 2017 Financial services firms are expected to up the pace of hiring towards the end of the year, according to the latest Financial Services Survey from PwC and the Confederation of British Industry (CBI). Headcount is predicted to be stable in banks and fall in building societies, but increase in all other sectors. Firms are also [...]
Government discount rate U-turn set to hand insurers £2bn boost September 7, 2017 Ministers today handed Britain’s insurance sector a £2bn boost after deciding to row back on a controversial decision to change the way personal injury claims are calculated. Lord Chancellor David Lidington unveiled a number of changes to the Ogden discount rate, which determines how much is paid to claimants. Included in the government proposals is [...]
Access Denied: The fight against cyber criminals March 5, 2018 Cyber-attacks defy borders and jurisdictions and are recognised as a Tier One threat to national security by the UK government. As the world becomes more connected, the attacks are becoming stronger, more frequent and more sophisticated. Nearly half of UK businesses identified at least one cyber security attack in 2016, according to UK government data, [...]
Royal Bank of Canada finance chief to retire and will be replaced by former PwC accountant October 24, 2016 One of Royal Bank of Canada's (RBC) executive stalwarts will retire at the end of January the bank announced this morning. Janice Fukakusa, who has been with RBC since 1985, will retire from her dual-posts of chief financial officer officer and chief administrative officer, with former beancounter Rod Bolger scheduled take over in lender's top finance job. Read more: RBC deal takes Banque SYZ into Switzerland's [...]
Asia is as key to Britain’s future success as Europe February 9, 2018 It has been another frustrating week for those hoping for a decisive Brexit roadmap from the government. But while battles over the customs union continue to rage, we would do well to remember that the UK should be setting its sights far beyond the borders of Europe. Last week, the Prime Minister was in China, [...]
Record tax take from financial services as City lobby group urges government to stop Brexit divorce bill penny-pinching November 27, 2017 Businesses need urgent clarification on a Brexit transition deal rather than penny-pinching on the terms of Britain’s so-called divorce bill, according to a top City lobbyist. Catherine McGuinness, the influential policy chair of the City of London Corporation, told City A.M. the government should be prepared to cough up in return for a stronger hand [...]
Budget 2017: City economists react to growth downgrade as productivity drags November 22, 2017 A long overdue downgrade for productivity growth assumptions has had a knock-on effect on growth and borrowing forecasts. Below are the early reactions of some of the City’s top economists. All about the productivity Ian Stewart, chief economist at Deloitte, said: “The big news is a whopping downgrade to prospects for long-term growth. “The OBR’s [...]
BT and Rolls-Royce investigations: Auditors are not there to find fraud, says accounting body boss July 13, 2017 Accounting investigations into audit sign-offs of two British stalwarts are not a sign the profession is in crisis, a senior figure at the Institute of Chartered Accountants in England and Wales (ICAEW) said today. But Vernon Soare, the ICAEW’s chief operating officer, admitted there is an “expectation gap” over the role of the auditor. KPMG [...]
Six charts showing what the Brexit vote has done to UK house prices July 18, 2017 When the result of the EU referendum came in, the housebuilding sector was one of the FTSE's hardest-hit groups, as investors panicked about what would become of the UK's housing market. A year on, and analysis by PwC suggests things haven't been quite as bad as expected: house prices will grow at an average rate [...]