Outrage as Government Signals Audit Reform on Ice

The wait goes on for reform of the UK audit market. Although earmarked as a “priority”, there will be no draft bill in the forthcoming Queen’s Speech of the proposed regulatory changes that include a new watchdog, competition caps and shared audits. Government officials have briefed the media that the legislation has been dropped from […]

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Government Borrowing Halves as COVID-19 Costs Fall

Government borrowing in the last financial year more than halved from the amount borrowed a year earlier when the UK saw major COVID-19 restrictions. Borrowing – the difference between spending and tax income – stood at £151.8bn, less than half the £317.6bn borrowed in 2020-21, figures showed. The government has had to borrow less since […]

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Number of Firms in Critical Financial Distress Rises Sharply

A growing number of UK businesses are at risk of going under, as costs spiral and COVID-19 loan repayments come due, a report has found. Construction and hospitality are the sectors struggling most, according to insolvency firm Begbies Traynor. Loan repayment schedules should be extended to ease the pressure, it said. The government said it […]

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