Hospitality chiefs call on Sunak to reverse VAT hike or leave London businesses ‘unviable overnight’ March 20, 2022 Hospitality heads have said the government’s plans to increase VAT from current rates of 12.5 per cent to highs of 20 per cent at the start of next month will see some London businesses “become unviable overnight.” Industry chiefs warned that Chancellor Rishi Sunak’s plans to hike consumer taxes on food, soft drinks, accommodation, and [...]
Soaring inflation is UK’s main financial concern March 20, 2022 Soaring inflation is the top financial concern for UK adults, in both the long and short term, according to new research from M&G Wealth. A quarter (25 per cent) of UK adults cited soaring inflation as their main financial concern over the coming year, according to a survey of 2,000 people. A further 18 per [...]
Swedish car seller thwarted in plan for £400m takeover of Pendragon March 20, 2022 One of Europe’s biggest car sellers has been thwarted in its £400m bid to takeover the UK’s second largest car dealership, Pendragon. The board of Pendragon rejected Hedin Group’s £400m takeover bid, after the Swedish conglomerate put forward a secret offer of 28p a share, according to Sky News. As Pendragon’s largest shareholder, Hedin Group, [...]
Lawyers say P&O broke the law by firing 800 staff over pre-recorded video call March 18, 2022 Dubai owned ferry operator P&O could be subject to a series of successful lawsuits over its decision to fire all 800 of its UK staff via a pre-recorded video call, lawyers have said. Speaking to CityAM Helen Crossland, employment partner at West End law firm Seddons said P&O’s decision will expose the firm to [...]
Clyde & Co set to merge with insurance specialist BLM March 18, 2022 London law firm Clyde & Co is in advanced negotiations to merge with insurance specialist BLM, the two law firms have said. A spokesperson for BLM confirmed to CityAM that the law firm is in advanced talks for a merger with Clyde & Co, as she said the firm will be holding a partner [...]
UK solicitors watchdog says it will not tell law firms to drop Russian clients March 18, 2022 The UK solicitors’ watchdog has said it will not tell law firms to drop Russian clients. The Solicitors Regulation Authority (SRA) said its “general position is that firms can choose who they act for,” as it said the issue is “highly unlikely to be a regulatory matter.” “The current situation with the conflict in Ukraine [...]
Major shakeup is needed to fix the Big Four, expert says March 18, 2022 A prominent academic has called on the government to expedite its audit reforms, after arguing a serious shakeup is needed to prevent an “appalling” situation from getting worse. Speaking to CityAM accountancy expert Professor Atul Shah said, “the record of the UK’s auditing industry has been appalling over the last two decades and it’s [...]
Moscow’s ‘Uncle Vanya’s’ fast-food chain unveils new logo following McDonalds exit from Russia March 18, 2022 A Russian fast-food chain is readying itself to become Russia’s own version of McDonalds after unveiling a new logo that bears a number similarities to the hamburger restaurant’s Golden Arches crest. The Moscow headquartered firm filed an application to patent its red and gold symbol, after a Russian politician said the country should start its [...]
McKinsey pulls staff out of Russia and sends them to Kazakhstan March 17, 2022 Consultancy giants McKinsey and BCG are pulling their staff out of Russia and sending them to the former Soviet republics of Kazakhstan and Azerbaijan. Big Three consulting firm McKinsey has already sent its Russian employees to Almaty, the largest city in Kazakhstan, according sources speaking to Financial News. Meanwhile, Boston Consulting Group (BCG) is [...]
‘Panicked’ solicitor struck off after she hid complaint and sent false email March 17, 2022 A “panicked” solicitor has been struck off the register and told to pay £11,400 after she hid a complaint from her company’s compliance officer and then emailed the client pretending to be her firm’s compliance officer. Elizabeth Nedin, a solicitor at Welsh law firm Philip Avery & Co, intercepted emails complaining about her conduct, and [...]
