FRC to ‘strengthen’ audit governance code to tackle Big Four accounting scandals August 26, 2021 The Financial Reporting Council (FRC) has today announced proposals to update and “strengthen” its Audit Firm Governance Code and establish “operational separation” at the Big Four firms. The proposed changes are aimed at clarifying the role of partnership boards in holding management to account, said the UK accounting watchdog in a statement. A key proposal [...]
OECD hikes UK economy forecast propelling Britain to top of G7 table, but inflation set to bite December 1, 2021 The organisation overseeing the world’s richest economies hiked its forecasts for the UK economy this year and next year, propelling Britain to the top of the G7 rankings for growth. The UK economy will expand 6.9 per cent this year, 0.2 percentage points higher than previously expected, according to the Organisation for Economic Development’s (OECD) [...]
US Fed chief Powell retires word ‘transitory’ to describe inflation December 1, 2021 US Fed Chief Jerome Powell said inflation would stick around for longer than hoped yesterday as a glut of global data suggested rising prices could slow the global recovery. Powell said yesterday it was time to “retire” the word “transitory” to describe the rapid pace of price hikes currently spiking the world economy. His shift [...]
IEA: Ease tax burden to stimulate job creation after furlough ends September 30, 2021 The government should tilt policy toward stimulating job creation after the furlough scheme ends today, according to a free-market economic think tank. Professor Len Shackleton, editorial and research fellow at the Institute for Economic Affairs (IEA), slammed the chancellor’s decision to hike national insurance as the jobs market emerges from 18 months of life support. [...]
Bankers on track for record bonuses this Christmas October 24, 2021 City bankers could take home a bumper payout in time for Christmas following a year of record dealmaking and capital raising activity. With many city banks gearing up for bonus discussions in the coming weeks industry experts have predicted that bonuses could reach their highest level in over a decade, the Telegraph first reported. It [...]
Think tank calls for a drone minister to unlock sector’s dividends October 20, 2021 UK think tank the Entrepreneurs Network has called on the UK Government to appoint a drone minister to oversee the sector’s growth and unlock its potential. “Our recommendation to create a junior ministerial role with specific responsibility for the drone economy comes from a desire to see this exciting and important sector treated with due [...]
The City A.M. awards: A spectacular night in the Square Mile April 29, 2022 Almost two and a half years since the last City A.M. gala dinner, the brightest lights in the London business community gathered in person once again to toast the Square Mile’s success in what was an extraordinary year. Held for the first time in the Guildhall, the awards recognise those who made the City great [...]
Asda adopts permanent hybrid working for office staff July 2, 2021 Staff at Asda head offices will be able to choose where they work on a permanent basis even Covid restrictions are eased and working from home guidance is dropped. The change means around 4,000 staff, most of whom are based in Leeds, will be able to work more flexibly on a permanent basis. Asda said [...]
WPP snaps up delivery tech firm Satalia in AI push August 23, 2021 WPP has snapped up a London-based tech firm specialising in home delivery services in a move that will boost the ad giant’s artificial intelligence offering. The FTSE media group today said it had acquired Satalia, which is one of the UK’s fastest-growing tech companies and serves major clients such as BT, Tesco and Unilever. Following [...]
Big Four accountants warned by regulator to improve audits November 16, 2021 The head of the UK accounting watchdog has told the Big Four audit firms they need to run their own businesses better, before advising other companies, according to reports. Sir Jon Thompson, chief executive of the Financial Reporting Council (FRC) made his remarks ahead of the regulator’s launch today of its first guide for accountants [...]