Listed below are our UK press releases, providing an overview of our activities and opinions over the last 18 months. Our most recent press releases can be found at the top of the page.
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| North Sea fiscal regime |
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12 March 2008 |
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North Sea oil and gas ring fence activities
The government today has confirmed that it is proceeding with a package of reforms with regards to UK North Sea taxation. The announced changes, in particular the extension of relief for decommissioning expenditure, are a positive step and will be welcomed by the industry. These changes are helpful as they address a number of anomalies and concerns. However the result is not the major overhaul of the tax system significantly enhancing the future sustainability of the UK North Sea that some would have hoped for.Relief for decommissioning costs |
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| Government delays implementation of International Financial Reporting Standards (IFRS) for the public sector |
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12 March 2008 |
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The 2008 budget announced the delay of implementation of new accounting methods for the public sector - International Financial Reporting Standards (IFRS) - by one year. Recognising the scale of the challenge, particularly in relation to PPP/PFI accounting, government accounting policies will now require full implementation of IFRS for the year ended 31 March 2010. Mark Williams from Deloitte’s government accounting advisory team said ‘The private sector had five years to make the transition to IFRS and while nobody missed the deadline in the private sector this was not always assured. “Our experience of IFRS transition is that... |
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| Carter and Carter Group PLC seeks administration protection |
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11 March 2008 |
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Carter and Carter Group PLC and its trading subsidiaries have today filed for administration. Nick Dargan, Dominic Wong and Chris Farrington of Deloitte, the business advisory firm, have been appointed to work with the management team to secure the ongoing survival of the Group.
The Group, which operates from over 100 locations across the UK and abroad, provides vocational learning services and employability skills training primarily under government funded contracts as well as outsourcing of back office and other functions to the automotive sector. It has a turnover of £125m, 2,500 employees and provides services to over 27,000... |
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| UK business waits to see how Budget 2008 will measure up |
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10 March 2008 |
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As Chancellor Alistair Darling on Wednesday prepares to deliver his first Budget, his estimates for growth and taxation in the coming year will be keenly anticipated by UK businesses. According to Bill Dodwell, head of tax policy at Deloitte, “The economic backdrop to the Budget is less helpful than in previous years and there is clear pressure on tax receipts for the forthcoming financial year. Estimates of the key corporation tax yield have been revised downwards. At Budget 2007, corporation tax in 2007-08 was estimated at £50 billion; at the PBR in October it was revised down to £46.3 billion; and now it is expected to come in even... |
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| Deloitte Partner, Alastair Scrimgeour elected to Nuclear Industry Association board |
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10 March 2008 |
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Deloitte, the business advisory firm, is delighted to announce the appointment of Alastair Scrimgeour to the Nuclear Industry Association’s board of directors. Alastair joins representatives from Westinghouse, AREVA, British Energy, BNFL, UKAEA, Urenco and AMEC. Alastair has been heavily involved in the restructuring of the nuclear industry and leads Deloitte's nuclear practice. Alastair Scrimgeour said: “Deloitte’s involvement in the NIA reinforces our commitment to meaningful involvement in the industry and our support for this important organisation.”
Notes to Editors
The NIA was established... |
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| Online Business Continuity Benchmark Survey launched by Deloitte |
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10 March 2008 |
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Deloitte, the business advisory firm, has today launched an online Business Continuity Management (BCM) Benchmark Survey. The survey and results, free to participants, allow individual companies to gauge and compare their recovery capabilities against their peers, and receive updated information on a regular basis to help them proactively manage their business continuity efforts.
The online database is updated as participants join, and reports are available on a monthly and quarterly basis as industry data is aggregated. Participating companies will receive a customised annual report comparing their responses to industry and... |
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| MPC hamstrung by inflation fears |
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06 March 2008 |
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- Today’s decision by the Monetary Policy Committee to leave interest rates on hold at 5.25% shows how the Committee’s inflation fears are limiting its ability to respond to the economic slowdown. While interest rates will be cut further, the slow pace at which they are falling will make the economic downturn that much sharper and that much longer. The result will eventually be even lower rates than otherwise. 4% is not a silly figure.
- It has become clearer that the economy needs a further dose of policy medicine. With the Nationwide recording the fourth fall in house prices in as many months...
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| Top 100 law firms continue to enjoy double digit growth in Q3 |
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06 March 2008 |
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The UK’s Top 100 law firms have achieved double digit fee income growth in the quarter ended 31 January 2008, although the rate has slowed from the levels achieved in the previous two quarters, according to the latest figures from business advisory firm Deloitte. Deloitte’s Quarterly Legal Sector Survey found that fee income growth in Q3 was 10.6% compared with growth rates of 12.5% and 15.1% in Q2 and Q1 respectively. However, average chargeable hours per fee earner have fallen across all firms within the sector, indicating firms do have capacity to take on more work. Jeremy Black, associate partner in Deloitte’s Professional... |
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| Deloitte appoints Lord Warner as strategic adviser to its public sector practice |
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06 March 2008 |
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Deloitte, the business advisory firm, is today announcing the appointment of Lord Warner as a strategic adviser to its public sector practice. Lord Warner will work with Deloitte’s clients enabling the successful delivery of health and social care policies. Lord Norman Warner of Brockley is a Labour Peer. He was Minister of State for Reform in the Department of Health from May 2005 until December 2006. Mike Turley, head of Deloitte’s public sector practice, commented “Lord Warner’s wealth of experience in formulating and delivering successful health and social care policies will be invaluable to our clients. His insights will... |
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| International Women’s Day |
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06 March 2008 |
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Deloitte, the business advisory firm will be marking International Women’s Day on 8th March by celebrating the first anniversary of it’s Women’s Network. More then 1,000 Deloitte employees in the UK have already joined the internal community, which provides women across the firm with access to role models and a forum through which they can raise and discuss issues relevant to women in the work place. The network also aims to help Deloitte recruit and retain women. Sharon Fraser, Managing Partner for Talent at Deloitte said; “The network is a great development for us and reflects our commitment to creating an environment where... |
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