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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| Company Law Reform Bill: consultation on business reporting |
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15 March 2006 |
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Deloitte, the business advisory firm, has welcomed the Government’s decision to withdraw statutory OFR reporting, which it believes would have been a significant burden for British companies. This was outlined in its submission to the DTI consultation, ‘Business Reporting – mandatory narrative reporting’. Operating and Financial Review (OFR) rules would have required quoted companies to offer greater detail about their business performance in areas such as future plans and targets. Isobel Sharp, audit partner at Deloitte, commented:
“Statutory OFR would have been a significant burden for British companies as a result of the... |
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| Deloitte 2006 Budget Predictions |
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13 March 2006 |
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Wednesday 22 March 2006 marks Gordon Brown’s 10th Budget as Chancellor of the Exchequer.
The economic background to the Budget took a turn for the better in January when the Government received record tax receipts. Before the January figures were released many commentators speculated that the Government would need to increase taxes to match its spending plans. Now it is quite possible that further tax rises may not be needed. UK business has been concerned at the pace of recent tax rises and the complexity resulting from the introduction of many new tax measures. The CBI and others have called for a freeze on new tax measures and... |
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| Building flexibility: new delivery models for public infrastructure projects |
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10 March 2006 |
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Deloitte has today launched a report on the future of infrastructure development in the public sector and argues that current PFI structures are unlikely to address all of the challenges in addressing the UK’s future infrastructure requirements. A broader and more flexible range of approaches needs to be considered in order to deliver critical policy objectives.
Michael Kerr, head of specialised finance at Deloitte,... |
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| Roger Bootle’s response to March’s MPC meeting: Modest rate cuts in the summer still in store |
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10 March 2006 |
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The Monetary Policy Committee maintained the historical precedent of never having changed interest rates in March by leaving them at 4.5% today. But with the recent data casting a question mark over the strength of the recovery in the consumer sector and showing that inflation is back below its target, I still expect that rates will be cut to 4% this year. The sharp 1.3% monthly drop in retail sales in January dented previous hopes that a consumer recovery is underway. And the fall in the reported sales balance of the CBI Distributive Trades Survey from -11 in January to -18 in February decreased the...
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| Deloitte named among UK’s best companies to work for |
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07 March 2006 |
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Deloitte has been named as one of the country’s ‘best companies to work for’ in a survey published by The Sunday Times. Deloitte was ranked in seventh place in the ‘big companies’ category for organisations with more than 5,000 employees. Deloitte’s Chief Executive and Managing Partner, John Connolly, said: “We are delighted to receive this award, which we believe reflects our continuous efforts to make Deloitte one of the country’s best employers. It is particularly satisfying as our ranking is based on employee feedback and 1,000 of our people were surveyed by the Sunday Times. “We are also pleased... |
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| Corporate market easy prey for private equity |
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03 March 2006 |
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Research conducted by Deloitte, the business advisory firm, into the debt market, has revealed that many listed companies are under leveraged and have not seized the opportunity created by cheap debt to increase gearing, fund transaction activity or plug pension shortfalls. Moreover, by not capitalising on this situation, they may be inadvertently leaving themselves open to hostile takeover bids.
Aidan Birkett, Managing Partner of the Corporate Finance Practice at Deloitte, commented: “Globally, the private equity market raised €248 billion in 2005.... |
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| Gaming tax rates could bring Local Authorities house of cards crashing down |
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27 February 2006 |
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The Casino Advisory Panel (CAP) deadline for Local Authorities’ submissions for regional casino licenses will leave just one week for Local Authorities to incorporate any Budget announcements on gaming tax rates, into their plans. CAP announced a process for choosing the locations where 17 new casino licenses, under the 2005 Gambling Act, including one regional ‘super casino’ with up to 1,250 Class A slot machines. The deadline for submissions is 31 March 2006. Alex Kyriakidis, Global Head of Tourism, Hospitality & Leisure at Deloitte comments: “Local authorities across the country are at various stages in their... |
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| Advocate General firmly recommends rejection of ACT Class IV GLO (tax credits) claim at ECJ |
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23 February 2006 |
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The Advocate General (AG) today (23/1/06) delivered a forceful opinion in favour of rejection of the ACT Class IV group litigation order claim at the Court of Appeal. In the case, representative claimants from Italy, France and Germany argued that the EU treaty required that the UK treat parent companies resident in all member states equally and give full tax credits (typically at 25% of the dividends paid) to all, or at least give those to which a Dutch parent would have been entitled (typically about 7% of the dividend paid). However, the AG stated that whilst fair treatment was required, equal treatment was not. As a consequence, the... |
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| Real Madrid shoots to the top |
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16 February 2006 |
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The Deloitte Football Money League shows the total revenue of the world’s Top 20 clubs breaks through the £2 billion (€3 billion) barrier Real Madrid shoots ahead of the competition with total revenue of £186m (€ 276m). Manchester United had headed the list in each of the previous eight editions...
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| Deloitte announces major new sponsorship of the V&A's Leonardo da Vinci exhibition |
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15 February 2006 |
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Deloitte announced today a major new sponsorship of the Victoria and Albert Museum's Leonardo da Vinci: Experience, Experiment and Design exhibition, which will be displayed from 14 September 2006 through to 7 January 2007. This exhibition provides an unrivalled insight into Leonardo's mind, including 60 superb examples of Leonardo's work from the world's leading collections, some of which have never before been on public display. John Connolly, Deloitte's Chief Executive and Senior Partner commented, "We're extremely pleased to be in partnership with the V&A in supporting this exciting new exhibition. The exhibition... |
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