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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| 2006 – Recovery or relapse? |
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20 January 2006 |
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In the latest issue of the Deloitte Economic Review, our Economic Adviser, Roger Bootle, looks at whether the sharp slowdown in the growth of the UK economy during 2005 is merely a temporary pause for breath or the start of a sustained period of weakness. His main points are as follows: |
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| FTSE 100 pension deficit leaps to £110 bn |
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19 January 2006 |
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The deficit for the final salary pension plans of FTSE 100 companies currently stands at £110 billion according to actuaries at Deloitte. This is a dramatic £35 billion increase in deficits in the few weeks since the end of 2005. Deloitte strongly believes UK companies should be looking for new ways to actively manage away the volatility of their pension deficits.
FTSE 100 aggregate FR17 deficit graph in the attachment below.
Commenting on the change, Tony Osborn-Barker, a director in consulting at Deloitte, said: “What a difference two weeks makes. This is a direct result of the “double... |
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| Deloitte calls on Government to use Company Law Reform Bill to deregulate on private company dividends |
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12 January 2006 |
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The second reading of the Company Law Reform Bill before the House of Lords yesterday has prompted business advisory firm Deloitte to again call for the Bill to remove requirements inhibiting the ability of private UK companies to pay dividends to shareholders.
Martyn Jones, national technical partner of Deloitte, commented: “The second reading of the Bill presents an opportunity for the government to alleviate a significant burden on business. We currently face the danger of ‘dividend blocks’ which would unnecessarily prevent the flow of dividends to the pension schemes and other shareholders that depend on them. Deregulation now... |
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| Rates may fall in February |
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12 January 2006 |
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Today’s decision by the Monetary Policy Committee to leave interest rates on hold at 4.5% does not rule out further interest rate reductions. I think there is a good chance that rates will be cut by 0.25% in February. And even if the Committee holds back for longer, I still see interest rates falling to 4% by the end of the year.
February is likely to be the earliest month when the Committee could feel confident that the threat of higher wages growth in response to last year’s rise in inflation has passed. The annual growth rate of average earnings fell from 4.1% in September to 3.6% in October. And the early evidence on the January... |
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| ECJ decision a blow to Customs’ fight against fraud |
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12 January 2006 |
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The European Court of Justice (ECJ) has ruled today that taxpayers cannot be held liable for VAT fraud if they didn’t know and had no reason to know fraud had been committed. HM Revenue & Customs (HMRC) withheld input tax repayments to traders (namely Bond House Systems Ltd, Optigen Limited and Fulcrum Electronics Ltd), who bought goods which had earlier been used in a carousel fraud*.
The ECJ has ruled that the supply of the goods to these traders was a valid VAT transaction irrespective of any fraud higher in the supply chain. In particular, the ECJ ruled that fraud higher or lower in the supply chain is irrelevant as long... |
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| Adjustbetter Limited - trading as Kookai UK – in administration |
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03 January 2006 |
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Neville Kahn, Nick Dargan and Lee Manning of Deloitte have today been appointed administrators of Adjustbetter Limited which carries out the UK trade of Kookai from 55 outlets across the country.
The administrators are carrying out a rapid review of the business and in the meantime the business continues to trade whilst a buyer for some or all of the business as going concern is found.
Neville Kahn said "Kookai is a very strong retail brand. For some time there has been uncertainty over the franchise arrangements with Kookai SA and this administration enables more stability to be brought into the business. The... |
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| Deloitte Partner receives New Years Honour for services to London 2012 |
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03 January 2006 |
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Neil Wood, the finance director of the winning London 2012 Olympic bid, received an MBE in the Queen's New Year Honours. Neil was one of 14 across London 2012 Ltd, the British Olympic Association and DCMS that received awards for the contribution they made to London's successful bid to host the London 2012 Olympics. The honour follows Neil's recent success when he received Accountancy Age's personality of the year award in November 2005.
John Connolly, Deloitte's Senior Partner and Chief Executive commented, "Neil and the London 2012 Olympic bid team delivered an outstanding result for London and the UK. This New Year honour,... |
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| Companies fail to plug pensions ‘black hole’ in 2005 |
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27 December 2005 |
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Deloitte actuaries estimate that the total deficit for the final salary pension plans of FTSE 100 companies stands at £75 billion at year-end 2005. The total deficit has grown from around £65 billion at the start of the year, despite improved investment markets and a threefold increase in contributions in recent years.
David Robbins, consulting Partner at Deloitte commented: “Falling interest rates have increased the value of pension deficits. While the market value of pension scheme assets has increased over the year by around 15%, this has not been enough. We estimate that the stock market would need to rise immediately by a... |
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| Deloitte Fast 50 shows that innovation wins |
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20 December 2005 |
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Innovative technologies backed by sound management are key to rapid growth, according to the Deloitte Technology Fast 50 awards announced today. The awards are an independent ranking of the UK’s fastest growing technology companies. This year they show that companies are spread evenly across the UK and cover a broad spectrum of technologies, from the cluster of biotechnology and life science companies based around Cambridge, through chip builders in Scotland and financial sector software companies in the City of London, to Internet specialists in Ireland and Wales. Many serve global markets and attribute their sustained growth to innovation... |
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| Deloitte mid year results: strong growth at 15.1% |
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20 December 2005 |
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Deloitte in the UK today announced unaudited interim results for the six months ended 30 November 2005. John Connolly, Deloitte Senior Partner and Chief Executive, commented:
“Our business performance was strong across all divisions. We have added significant resource over the last year: professional headcount has been increased by 10% and we promoted and hired 50 new partners. “We continue to attract the highest quality clients across all our business segments, especially to support them with complex developments and transactions. The resurgence of mergers and acquisitions activity has been a key... |
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