Category: Economy

CMA recommends audit reforms

Economy

The Competition and Markets Authority has outlined several proposed reforms to the audit market but stopped short of ordering a structural break-up of the biggest firms. The regulator’s review of “serious competition problems” in the sector recommended the government pass laws forcing accounting giants to put more distance between...

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Retail sales up in March

Economy

Data from the Office for National Statistics shows retail sales increased for the third straight month in March. Sales grew 6.7% over the year – the highest since October 2016 – after a monthly rise of 1.1%. Three-quarters of the growth came from internet sales, with department stores the...

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House prices fall in March

Property, Economy, Brexit

The latest Halifax House Price index shows that the average property value fell by 1.6% in March. This follows a 5.9% month-on-month increase reported in February. Quarterly figures show a rise of 1.6% over the first three months of the year. Annually, the data shows an increase in the...

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One in ten shops in Wales has disappeared

Economy

There were 1,100 fewer shops in Wales in 2018 than in 2010 – a drop of nearly 9% – according to the Welsh Retail Consortium. On Monday, firms saw the greatest rise in business rates in Britain, the lobby group added, saying they were partly to blame for the...

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Rolled-over UK free trade deals ‘are incompatible’

Economy

Trade experts have said that the EU free-trade deals that the UK government has managed to roll over are “incomplete”. The UK Trade Policy Observatory said the deals cannot guarantee trade will continue for British companies in a no-deal Brexit. This is despite claims from ministers that these deals...

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MPs consider inquiry into bosses’ pensions

Economy

The Work and Pensions select committee is considering launching an inquiry into executive pensions following criticism of a string of deals for company bosses. Committee chairman Frank Field said a decision on a probe had yet to be made but if “voluntary measures to curb bosses’ pensions are proving...

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“Blue Monday” for small firms

Economy, Tax

The Federation of Small Businesses has deemed today “blue Monday” as new costs and tax reporting requirements kick in for SMEs. While some firms in England will benefit from cuts in business rates, other changes will mean additional costs. These include new rules on accounting under the Making Tax...

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Majority of bitcoin trades faked by unregulated exchanges

Economy

Nearly 95% of all reported trading in bitcoin is artificially created by unregulated exchanges, according to an analysis of trading activity by Bitwise Asset Management, suggesting that the actual market for the digital currency is far smaller than previously thought. Bitwise created a program to collect and analyse trading...

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Smaller firms less alert to invoice scams

Finance, Economy

More than four in 10 businesses in the UK are unaware of the risks posed by invoice fraud, according to a survey by UK Finance. There were 3,280 invoice and bank mandate scam cases involving businesses over 2018, costing firms almost £93m. Some £29.6m of the money lost to...

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Invoice finance returns to growth in H2 2018

Finance, Economy

Invoice finance and asset-based lending returned to growth in 2018, according to analytics software provider Equiniti Riskfactor. After two consecutive quarterly declines in the first half of 2018, total advances at the end of December 2018 totalled £22.7bn, up over £100m on the previous quarter and up 2.4% on...

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