PwC and EY: Our restructuring arms are not for sale March 4, 2021 Big Four firms PwC and EY have insisted they have no plans to follow in the footsteps of rivals KPMG and Deloitte and sell the restructuring units of their businesses. Selling restructuring units is in vogue at Big Four firms. This morning KPMG announced it had signed an unconditional agreement with private equity firm HIG [...]
Watchdog bans City of London trader for ‘wash trading’ March 4, 2021 The city watchdog has banned ex-City of London trader Adrian Geoffrey Horn after he engaged in ‘wash trading’, a form of market abuse. Horn, who worked as a market making trader at Cheapside-based Stifel Nicolaus Europe, was fined £52,000 by the Financial Conduct Authority (FCA) and banned for carrying out any regulated work in the [...]
One in five employees still on the furlough scheme March 4, 2021 One in five workers, or around 19 per cent of the UK’s workforce, are still making use of the furlough scheme, according to the latest figures from the ONS. Approximately six million people are still on furlough, the Office for National Statistics (ONS) said, ahead of a gradual reopening of the economy that will, over [...]
Budget secures £21.7bn in stealth taxes for Treasury coffers March 4, 2021 The Chancellor has made use of fiscal drag to secure £21.7bn in steal taxes by the end of the 2025/26 tax year. Fiscal drag is a phenomenon where inflation gradually moves more taxpayers into higher tax brackets. Some commentators describe it as the ultimate steal tax. In yesterday’s budget Chancellor Rishi Sunak chose to [...]
Wetherspoons to open reopen outdoor space at 394 pubs in April March 4, 2021 Pub giant JD Wetherspoon will open outdoor spaces in 394 pubs in April, but the pubs will be operating with a reduced menu and shorter days. Wetherspoon’s decision is in line with coronavirus restrictions easing on 12 April to allow hospitality to open up outdoor space for customer use. From Sunday to Thursday the pubs [...]
KPMG unit sale creates new restructuring behemoth Interpath Advisory March 4, 2021 KPMG has signed an unconditional agreement to sell its restructuring practice to Interpath Advisory, a newly-formed company backed by private equity firm HIG Europe. The sale will see 22 partners and around 528 staff currently employed in KPMG’s restructuring practice transfer to Interpath Advisory, making it the largest independent restructuring and turnaround business in the [...]
Corporate tax hike could depress economic activity and reduce tax rise revenue, says IFS March 3, 2021 The corporation tax hike announced in today’s budget will lead firms to invest less in the UK in the medium term, the Institute for Fiscal Studies (IFS) has said. Chancellor Rishi Sunak today announced corporation tax will rise from 19 per cent to 25 per cent by 2023 for UK companies with annual profits of [...]
Budget 2021: Government to guarantee five per cent mortgages on homes up to £600,000 March 3, 2021 The government will introduce a new scheme that will allow individuals to put down just a five per cent deposit on homes valued up to £600,000. From April, the government will introduce a the scheme that will provide a guarantee to lenders across the UK that offer mortgages to people with a deposit of five [...]
Budget 2021: Pensions lifetime allowance frozen for five years March 3, 2021 The pensions lifetime allowance will be frozen at its existing level until April 2026, in a move that effectively decreases its value when inflation is taken into account. The Chancellor today said the lifetime allowance would remain at its current £1,073,100 for the next five years, rather than increasing in line with inflation. The move [...]
Budget 2021: Bank surcharge to be reviewed in light of corporate tax hike March 3, 2021 The surcharge levied on bank profits will come under review later in the year, in light of planned changes to corporation tax. Chancellor Rishi Sunak today said the additional bank surcharge of eight per cent on profits would be reviewed because the increase in the main corporate tax to 25 per cent would make UK [...]
