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Bank of England’s optimism over recovery misguided, says BDO

The Bank of England’s recent Inflation Report predictions of a strong recovery for 2010 are likely to prove too optimistic, according to BDO

More pain to come for Scottish economy, says E&Y Scottish ITEM Club

Scotland will continue to underperform the UK for the next year as a result of some ‘disturbing weaknesses’ in its service sector economy, according to research by the Ernst & Young Scottish ITEM Club

HMRC extends NDO amnesty deadline

HM Revenue & Customs (HMRC) has said the registration deadline for the New Disclosure Opportunity (NDO) will be extended from 30 November to 4 January 2010

Begbies Traynor insolvency team joins Henderson Loggie

A three-person team has moved from Begbies Traynor to join Henderson Loggie’s business recovery and insolvency department

Call centre king scoops Entrepreneur of the Year award

Dermot Jenkinson, founder of call centre specialist beCogent, has been named Entrepreneur of the Year at the Entrepreneurial Exchange annual awards

Could devolved immigration plug Scotland’s skills gap?

If Scotland is to halt its declining population and attract talented people to plug skills gaps, then a new way of thinking is needed, according to a report from the Fraser of Allander Institute (FAI), sponsored by PricewaterhouseCoopers

Walker reforms could affect more than banks, FRC says

Some of the increased disclosure and governance reforms recommended in Sir David Walker’s report on the banking industry are set to be extended to cover listed companies in all sectors, the Financial Reporting Council has confirmed

Cautious welcome for Walker review

Although some commentators have complained it does not go far enough, the Walker report into banking remuneration and governance has been broadly welcomed by advisers and City institutions

Walker review targets disclosure for banks’ high earners

Big banks will have to reveal how many of their UK employees are paid more than £1m under recommendations published today by Sir David Walker

UK200Group launches valuation index for SMEs

The UK200Group, which represents 110 firms including mid-tier accountancy practices, has put together its own company valuation index to measure the value of small and medium sized businesses

RBS pledges to keep headquarters in Edinburgh

Royal Bank of Scotland chief executive Stephen Hester has told the banking inquiry being held in Holyrood that the bank will remain headquartered in Scotland and dismissed claims that board meetings are being increasingly held outside Edinburgh

CA Mag online traffic at record high

Traffic for www.camagonline.co.uk, the website of CA Magazine, continues to grow, with the number of visitors to the site in October breaking the 50,000 mark for the first time

Bank of England reveals secret rescue loans to HBOS and RBS

The Bank of England has revealed for the first time that it lent the Royal Bank of Scotland (RBS) and HBOS £61.6bn in emergency funding last autumn. Governor Mervyn King told a committee of MPs it "was to prevent a loss of confidence spreading through the financial system as a whole".

PwC acquires consulting business

PricewaterhouseCoopers (PwC) has acquired the corporate performance management (CPM) business Paragon Consulting Group, which will become part of PwC Advisory’s consulting business with immediate effect

Length of company reports up by half since 2005, finds Deloitte

The length of companies’ audited financial statements has increased by 57 per cent in the past four years, according to Deloitte

Lloyds launches massive share sale

Lloyds Banking Group has launched the UK's biggest rights issue, selling shares at a discount of 37p in a bid to raise £13.5bn, to avoid taking part in the Government's Asset Protection Scheme

Party leaders tell CBI conference about growth plans

The UK’s political party leaders have been telling business leaders at the CBI conference how they will get the UK out of recession

IMF mulls use of tax to curb risk taking

The International Monetary Fund is exploring the use of tax as a tool to reduce excessive risk-taking.

CBI sees recession as a catalyst for new business era

The recession has become the catalyst for a new era in business, according to a report by the CBI. The study by the employers' group identifies four key areas of UK business where new ways of working could develop because of the downturn

Scottish companies still say UK is best place for business

Scottish companies still believe the UK is the best place to do business, despite the difficult conditions presented by the recession, according to research conducted by Clydesdale Bank

Ernst & Young recruits 12 direct entry partners to the UK

Ernst & Young has recruited 12 direct entry partners in the first quarter of its financial year to the UK and says it expects to make further appointments before Christmas

Scotland’s law firms forecast future growth

The worst is over for Scotland’s law firms, which have been left bruised by a fall in business over the course of the recession, according to a survey by PKF

Economy will not suffer under new FSA powers, say ministers

Ministers have been defending proposals in the financial services bill to allow the Financial Services Authority (FSA) more power to review bankers’ pay deals

Grant Thornton Scotland bucks UK trend with 11% rise in turnover

Grant Thornton's Scottish practice yesterday posted a rise in turnover, bucking the downward trend set by the UK results for the firm

Financial Reporting Council appoints new COO

The Financial Reporting Council (FRC) has announced that Anthony Snow has joined as chief operating officer.

Retailers likely to offer pre-Christmas discounts on par with last year, says PwC

Initial survey findings by PricewaterhouseCoopers carried out two weeks ago and again this week show that around half of high street retailers are advertising discounts or offering promotions such as three for two, in a bid to attract Christmas shopping footfall

Queen outlines new banking laws

The Government has outlined two new bills in the Queen's Speech designed to strengthen financial regulation and reduce the nation's debt levels

Middle managers defrauding employers to maintain living standards, says PwC

Accounting fraud is the fastest growing economic crime experienced by organisations in the UK and the world, says PricewaterhouseCoopers (PwC) in its Global Economic Crime Survey (GECS) of over 3,000 senior representatives of organisations in 54 countries

FTSE firms 'failing women bosses'

The number of female directors on FTSE 100 boards has stalled at 131 over the past year, according to a report by the Cranfield School of Management

Kleinwort Benson to expand in Scotland

Private bank Kleinwort Benson has announced it is to expand its operation in Edinburgh, to meet “buoyant” demand

Report shows the real cost of fraud

A global report on the real cost of fraud (and error), across economic sectors, shows that losses average 4.57 per cent of expenditure. Taken as a proportion of global GDP for 2008, this equates to losses of £2.74 trillion, a sum equivalent to the global cost of healthcare in that year or the entire GDP of the UK

Fraser of Allander report sees ‘no growth’ in Scottish economy next year

The Scottish economy is forecast to achieve almost no growth during 2010, according to the most recent analysis from the Fraser of Allander Institute, part of Strathclyde University, which publishes its economic commentary in association with PricewaterhouseCoopers

City anticipates new UK banking laws

The City is anticipating changes to rules affecting the banking industry, to be unveiled in the Queen's Speech, which will include the long-awaited Financial Services Bill

New accounting treatment for rights issues proposed

The Accounting Standards Board (ASB) has published a Financial ReportingExposure Draft (FRED) proposing an amendment to FRS 25 (IAS 32) Financial Instruments: Presentation

Archbishop backs ‘Tobin tax’

The Archbishop of Canterbury, Dr Rowan Williams, has launched a renewed assault on the culture of greed in the world’s financial system

Controversy over FSA powers to rip up bonus contracts

Widely mooted powers for the Financial Services Authority (FSA) to intervene in banking bonus schemes that are seen as promoting risk have caused concern in the City

ICAS says EC decision to delay adoption of accounting rule changes stands in the way of transparency

The Institute of Chartered Accountants of Scotland (ICAS) has condemned the European Commission decision to delay its endorsement of the International Accounting Standards Board’s (IASB) revised standard on accounting for financial instruments

E&Y partner honoured at Women of the Future awards

Ernst & Young partner Annie Graham has been recognised as one of the UK’s leading business women, scooping a top accolade at the 2009 Women on The Future awards

Accountancy firms targeted as OFT launches probe into corporate insolvency

The Office of Fair Trading (OFT) has launched a market study into the corporate insolvency market, amid claims that certain groups of creditors are being charged too much and that recovery rates are too low

FRC responds to Treasury Select Committee Report on governance concerns

In a letter to John McFall, chairman of the Treasury Select Committee, the Financial Reporting Council (FRC) has said it has taken a number of steps to allay concerns over corporate governance in the City

IASB completes first phase of IFRS 9

The International Accounting Standards Board has issued a new International Financial Reporting Standard on the classification and measurement of financial assets

Henderson Loggie in Aberdeen expansion

Mid-tier Scottish firm Henderson Loggie has announced the takeover of Aberdeen-based Charles Edmond, allowing the Dundee-headquartered firm to increase its share of Aberdeen’s commercial market

UK recovery 'only just starting'

The UK economy has "only just started" along its road to economic recovery, according to Bank of England governor Mervyn King. In its latest inflation report, the Bank indicated it would be late 2011 before the UK economy recovered to the level it was at before the recession

Date for Pre-Budget Report announced

The Pre-Budget Report will take place on Wednesday 9 December, Chancellor Alistair Darling has announced

Top rate of tax is driving entrepreneurs out of the UK

A fifth of entrepreneurs earning more than £150,000 are planning to flee Britain in search of countries with more favourable tax rates, according to research from Tenon

Recession results in steep pay falls for senior managers

Compensation for senior managers of UK companies is shrinking faster in the recession than for board members, according to a report by Deloitte

Lloyds announces 5,000 job cuts by end of 2010

Lloyds Banking Group is to cut 5,000 more jobs by the end of next year as it continues to reduce overlap following its merger with HBOS last year

IASB criticised by Brussels over fair value shake-up

European Commission officials have warned that an overhaul of rules on how banks value their assets could lead to greater volatility in their accounts, undermining broader financial stability

EC accounts fail to win approval for 15th year in a row

The European Court of Auditors (ECA) has declined to give the European Commission's accounts a clean bill of health for the 15th consecutive year

Fifty year olds risk facing five-year pension wait

Individuals currently aged between 50 and 54 risk having to wait up to an extra five years before being able to access their pension benefits, warns Deloitte

Retail boost from October spending

Optimism boosted in approach to Christmas after encouraging figure for last month, according to KPMG

FSA chief says cultural change needed to drive reform

Reform will only come if both the regulator and the regulated are committed to genuine change, according to Financial Services Authority (FSA) chief executive Hector Sants

Tax campaigners unveil haven blacklist

Campaigners against tax avoidance have published a list of what it rates as world's most secretive tax havens, in association with Christian Aid

New regime for UK personal investment firms

The Financial Services Authority (FSA) has set out a new prudential regime for personal investment firms (PIFs) which aims to ensure that they are better capitalised to withstand future financial shocks

Scottish hotels report highest occupancy and revenue despite drop in numbers

Scotland’s hotels had the highest occupancy and rooms yield (the industry measure of revenue) in the UK outside London during September despite pressure on rooms yield, according to the latest survey by accountants and business advisers PKF.

Local authorities need to take hard decisions, report says

Councils should set self-imposed targets to reduce expenditure by around 20 per cent by 2011, a report from KPMG recommends

Brown’s plan for tax on bank transactions fails to win support at G20

UK Prime Minister Gordon Brown has found little backing for his surprise proposal for a so-called “Tobin tax” on speculative banking transactions, which he aired at the G20 meeting of international leaders in St Andrews over the weekend

Watchdog issues first verdicts on audit firms

The Professional Oversight Board (POB), part of the Financial Reporting Council, has published its first set of reports after inspecting four firms’ audits

IASB introduces exposure draft on impairment of financial instruments

The International Accounting Standards Board (IASB) said it will “tread carefully” when bringing out new accounting rules aimed at removing a root cause of the global financial crisis

Scottish bankruptcy running at double the UK rate

Scottish personal insolvency is running at double the UK rate and proposed changes to legislation will only make the situation worse in years to come, according PKF

Deloitte predicts Christmas boom, despite downturn

Christmas shoppers will spend as much this festive season as last year, despite the UK remaining in recession, according to a report by Deloitte

Scots in 'biggest budget squeeze'

Public spending in Scotland is facing its biggest squeeze since devolution, according to a report from Audit Scotland

FRC urges caution on boundaries between internal and external audit

The Financial Reporting Council (FRC) has urged caution if companies are considering taking on internal/external audit arrangement which are being investigated by ethical standard setters

PwC says jobless could rise to around three million, peaking in the second half of 2010

Despite a projected return to modest growth of just under 1 per cent next year, UK unemployment could still rise to around 3 million by the end of 2010 according to new analysis by PricewaterhouseCoopers

Bosses advised to tackle work stress

Employers need to pay more attention to the levels of stress and anxiety in the workplace, key NHS advisers say.

UK to inject £37bn into Lloyds and RBS

The UK Government has doubled its bet on bailing out Britain’s two part-nationalised banks – Royal Bank of Scotland and Lloyds Banking Group – adding up to £37bn of new money to the same sum it first injected a year ago

IMF warns of decade of restraint

The economic crisis will leave a decade-long hangover of sweeping spending cuts and tax increases across the industrialised world if public finances are to be brought back under control, according to the International Monetary Fund

Madoff's accountant admits fraud

The long-term accountant of disgraced US financier Bernard Madoff has pleaded guilty to securities fraud and filing false audit reports in his role in the giant Ponzi scheme

CAs happy with earnings despite cold economic climate

Half of the chartered accountants in CA Magazine’s annual salary survey say their organisations have frozen basic pay in the past 12 months. Despite that, and despite curbs on bonuses, three-quarters of CAs surveyed said they are happy with what they are earning

New diploma in investment accounting from ICAS wins innovation award

Scottish Investment Operations (SIO), which has brought a new diploma in investment accounting to the financial services market in partnership with ICAS and the Chartered Institute of Bankers Scotland (CIOBS), won the Innovation in Education and Skills award at last night’s Scottish Financial Enterprise Innovators’ awards

RBS and Lloyds in major shake-up

The Royal Bank of Scotland (RBS) and Lloyds Banking Group are to sell off bank branches in another major shake-up of the UK banking industry, demanded by the European Commission to safeguard competition concerns after the two were bailed out by the UK Government

Increase in late payments threatens business survival

The number of companies suffering late payment from customers has more than doubled in the last six months, according to the latest Baker Tilly finance director survey

HMRC’s Hartnett targets tax dodgers on YouTube

Dave Hartnett, permanent secretary for tax at HM Revenue and Customs (HMRC), has posted a video warning about tax dodging on YouTube

Global boost for Scottish business leaders

Hundreds of business leaders from around the world have gathered in Glasgow to try to help Scottish businesses grow and reach new export markets

Consumer confidence at highest level for 18 months

Consumer confidence has hit an 18-month high and small businesses are at their most optimistic for two and a half years, according to the latest consumer confidence report compiled by British Retail Consortium (BRC) and Nielson

Audit Commission sees 6% hike in councils, fire and police audits through IFRS

The Audit Commission has predicted that audit fees will climb by 6 per cent for councils, fire and police next year due to the introduction of IFRS international accounting rules

Deloitte report sees need for 2% cut in public spending to tackle debt

Deloitte's latest economic review says public spending must be tightened by at least 2 per cent a year in real terms over the next five years to cope with the UK's deficit

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