Moorgate Place - Blog

    • 17 May 2017
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    How much will the UK pay to exit the EU?

    ICAEW has published a report on the likely cost of the UK’s departure from the EU. The wide-ranging speculation around the potential exit charge has escalated in recent weeks. The debate has been characterized by heat and emotion and, given the complex financial relationship between the UK and the EU, it may be difficult to understand how negotiations in this area are likely to play out. As chartered accountants...
    • 15 May 2017
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    ICAEW’s framework for assuring bank regulatory ratios

    Today we are publishing our framework for assuring bank capital numbers. Its aim is to deliver confidence in the key measures of resilience for banks. Capital ratios are one of the most important ways to assess a bank’s stability, but they are currently unaudited. It is crucial that the public, regulators and banks themselves can trust these numbers, and developments since the financial crisis have heightened...
    • 9 May 2017
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    Question mark hangs over financial leadership in Government

    Given the challenges facing the UK’s public finances with a growing national debt and increased borrowing, with the negotiations and potential cost of Brexit looming ahead, with the weakening of the pound and household incomes starting to be squeezed, I am both surprised and disappointed that HM Treasury has given up responsibility for improving financial management across the UK Government. Only four years ago...
    • 9 May 2017
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    Business confidence turns positive for first time since Brexit vote

    Business confidence has moved into positive territory for the first time since the EU referendum, but businesses are still reluctant to make long-term commitments in a number of areas. That is the key finding from our latest Business Confidence Monitor (BCM). The BCM Confidence Index has risen from -8.7 in Q1 2017 to 6.7 in Q2. Whatever the outcome of the General Election on 8 June, the incoming Government will need...
    • 5 May 2017
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    Looking back at a successful 2016

    Today we are publishing our annual review and financial statements for 2016 . 2016 was a successful year for ICAEW. We saw another record year for student numbers, which have risen to 25,822 from 24,149 the year before. Our membership also continued to rise, ending the year at 147,538. On the financial side, we closed the year with an operating surplus of £0.8m and overall surplus of £11.3m when fines...
    • 4 May 2017
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    Introducing our Academia & Education Community and Corporate Governance Group

    As part of our vision of a world of strong economies, ICAEW seeks to nurture communities of professionals whose initiative and integrity help economies thrive. Our members are part of a global network of over 147,000 ICAEW Chartered Accountants. We want all our members to be able to make the most of this network, and to feel included in ICAEW’s activities wherever they are in the world. That is why I am delighted...
    • 24 Apr 2017
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    What is our individual duty to the public interest?

    As members of ICAEW, we are members of a profession that takes its duty to serve the public interest seriously, as is mentioned in the opening sections of the ICAEW and international codes of ethics. But fine though that is, and must be to preserve our long term reputation, it leads to some big questions. What is ‘the public interest’? And what does the requirement for us all to act in the public interest...
    • 7 Apr 2017
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    Retailers need to prepare for radical change with IFRS 16

    In our latest Audit Insights: Retail report, auditors warn that retailers’ balance sheets will be radically transformed by the new international accounting standard IFRS 16 Leases. IFRS 16 will apply to accounting periods beginning on or after 1 January 2019. Our report aims to help retailers and external users of their accounts understand some of the challenges that will arise and the important issues that they...
    • 6 Apr 2017
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    Apprenticeship Levy opens more doors to the profession

    Today the Apprenticeship Levy will be introduced as part of a Government drive to train 3 million new apprentices by 2020. An apprenticeship is a viable option for school leavers to progress into working life and at ICAEW, we want to make sure that those entering the profession are aware of the different routes available to them so they can choose the one that suits them best. In order to create as many opportunities...
    • 4 Apr 2017
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    Are you a champion for sustainability?

    Business is a key driver of any nation’s economic growth and plays a crucial role in building strong economies around the world. As businesses continue to face environmental, social and economic challenges, a growing number of organisations are seizing the inherent opportunities of resilient and sustainable business models. The Finance for the Future awards recognise and celebrate the role of the finance function...
    • 3 Apr 2017
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    Introducing our new brand

    I am delighted to announce that after much planning and preparation, ICAEW is today launching its new brand . The goal is for our new look to differentiate us from others in an increasingly crowded marketplace and ensure that we stand out clearly. The world has changed a lot since our last brand update 12 years ago, and so have we. We have gone from being a UK body to becoming a more international organisation, with...
    • 29 Mar 2017
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    Economic momentum cannot stall as Brexit negotiations start

    Today, the Government has triggered Article 50, starting the formal process for the UK to leave the EU in two years’ time. Over the coming months, we will start to see the respective negotiating strategies and, I hope, some degree of clarity and certainty on what both sides hope to achieve through the negotiations. We want to see a successful outcome to the negotiations that will enable UK and European economies...
    • 8 Mar 2017
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    A brighter future?

    In his opening remarks, the Chancellor said that this last Spring Budget was about taking forward the current Government’s plan to prepare Britain for a brighter future. In a fiscally neutral speech revealing spending and revenue raising measures across many different areas of government, what is perhaps more interesting is what he didn’t say – rather than what he did. As our Business Confidence...
    • 8 Mar 2017
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    The value of the new PCRT to members in business and practice

    The updated Professional Conduct in Relation to Taxation (PCRT) came into force on 1 March. Published back in November by ICAEW and other leading UK accountancy and tax bodies, it sets out clear professional standards in relation to the facilitation and promotion of tax avoidance. The PCRT has been in existence for over 20 years and is regularly updated. This latest update came in response to the Government’s...
    • 27 Feb 2017
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    The scale of the challenge

    In the coming weeks, the Government is expected to trigger Article 50 to formally start the process that will result in the UK leaving the European Union. Whilst there has been a great deal of focus on the complexity of the forthcoming negotiations, little attention has been paid to the practical work that will need to be done to amend UK legislation which derives from EU law – and also to rework EU law which may...
    • 7 Feb 2017
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    ICAEW’s contribution to the 2017 IFS Green Budget

    For the third consecutive year, ICAEW is contributing to the Institute of Fiscal Studies’ Green Budget , which is being launched at Guildhall today. The publication provides an assessment of fiscal issues likely to be addressed in Philip Hammond’s first Budget next month. Our chapters in the 2017 publication examine the Whole of Government Accounts (WGA) and the Government’s debt and financing strategy...
    • 6 Feb 2017
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    UK business starting to adapt to post-Brexit landscape

    Confidence among UK businesses remains in negative territory according to our latest Business Confidence Monitor (BCM), published today. The BCM Confidence Index now stands at -8.7, compared to -9.8 in Q4 2016. The good news is that confidence appears to be recovering from the shock of the Brexit vote, with businesses seeking to position themselves within a new post-Brexit economic landscape. Stronger growth in export...
    • 1 Feb 2017
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    Success and failure of global attempts to digitalise tax

    The Government’s response to the Making Tax Digital consultations , published yesterday, included several helpful announcements for small businesses. Not only was it good to see that Government is listening to the concerns of small businesses in the implementation of Making Tax Digital, but it is also good news that it is allowing time for further consultation on two major areas, namely what the exemption limit...
    • 30 Jan 2017
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    Businesses must join forces to combat cyber threats

    Alongside Brexit, Trump and China, one of the recurring themes at Davos this year was technology. Many of the sessions on the agenda focused on how technological change is altering the global economy and our day-to-day lives, and considered how we ought to respond to the threats that emerge from these developments. Skills gap could hold back AI development One of the most interesting and thought-provoking sessions...
    • 19 Jan 2017
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    A world of strong economies

    Ahead of the World Economic Forum’s Annual Meeting in Davos this week, Klaus Schwab, the Founder and Executive Chairman of the WEF, introduced this year’s theme as ‘responsible and responsive leadership’. In an article published in the Financial Times , he listed four primary objectives to respond to major societal concerns: first, to strengthen economic growth; second, to make market-based systems...
    • 3 Jan 2017
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    Brexit - ICAEW's priorities for the negotiations

    Just before Christmas, we sent in a submission to the Department for Exiting the European Union (DEXEU) highlighting the opportunities, priorities and concerns ICAEW would like Government to consider as it prepares for the Brexit negotiations. It is not an exhaustive list, but comprises some of the key elements that are of relevance to our members, our member firms and ICAEW itself as the professional body for the accountancy...
    • 9 Dec 2016
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    Wages and investment set to slow in 2017

    We have today upgraded our UK economic forecast from 1.8% to 2.0% in 2016, and from 1.1% to 1.2% in 2017. These revisions reflect a stronger-than-expected third quarter of 2016; however, the underlying outlook for the economy has changed little, with businesses still waiting for clarity over the post-Brexit trading environment before investing. Business investment expected to decline We expect business investment...
    • 9 Dec 2016
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    Positive progress for PCRT, but further clarification needed from HMRC

    Monday was so-called ‘Legislation Day’ when Government issued 398 pages of draft clauses, explanatory notes, tax legislation and rates. Amongst the bundle, we discovered that HMRC has made extensive changes to the provisions in the discussion document published in August on fines for tax avoidance enablers and many of the concerns that we raised have been addressed. In particular, for the first time the...
    • 7 Dec 2016
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    Finance professionals in the public sector

    The Autumn Statement was a wake-up call to many regarding the state of the public deficit. With Government finances forecast to be £122bn worse off in the period until 2021 than forecast in March’s Budget, the new Chancellor had little choice but to break the fiscal rule in record time. As we all know, a business needs a robust and financially sound plan to get finances into the black and when the BBC’s...
    • 6 Dec 2016
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    An opportunity to redefine UK business for a generation

    Yesterday I participated in a roundtable hosted by Prime Minister Theresa May at 10 Downing Street with representatives from UK business. In attendance were also Greg Clark, Secretary of State for Business, Energy and Industrial Strategy and Margot James, Minister for the profession. This was an opportunity to reflect on the last few months and consider the challenges and opportunities that lie ahead for UK business...