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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| Deloitte responds to Company Law Reform White Paper |
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08 June 2005 |
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Deloitte today responded to the Department of Trade and Industry’s (DTI) Company Law Reform White Paper. While welcoming the modernisation of company law, Deloitte’s response voices concern that current proposals for a new offence for auditors may have unintended consequences that could damage capital markets. Deloitte’s chief executive and senior partner, John Connolly, said: “We do not object to the creation of a new offence for auditors acting dishonestly or fraudulently. The current wording of ‘knowingly or recklessly’ however puts auditors at a high risk of committing the offence by the very nature of their work and... |
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| Staff shortages showed further signs of easing in May, aiding growth of employee placements |
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06 June 2005 |
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The Report on Jobs, published today by the Recruitment & Employment Confederation and Deloitte, provides the most comprehensive guide to the UK labour market, drawing on original survey data provided by recruitment consultancies and employers, as well as data on national newspaper recruitment advertising.
The latest REC/Deloitte Report on Jobs showed that growth of permanent staff placements was the fastest in six months in May. Consultancies said higher placements had been supported by strong demand for staff at employers and fewer instances of candidate shortages. Temporary staff billings also continued to... |
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| Research confirms extent of impending pensions crisis and disparity between sexes and regions |
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04 June 2005 |
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YouGov research commissioned by Deloitte has confirmed that the UK is on the brink of a pensions crisis. Only 23% believe they will be able to maintain a comfortable standard of living during their retirement. The key findings of the research are:Aside from the state pensions schemes, 52% of women surveyed have not made any additional financial arrangements compared with 40% of men 54% of people in Scotland have not made any additional financial arrangements compared with a 46% national average 45% of those surveyed would consider an equity release mortgage product to...
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| Deloitte stamp tax team wins award |
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01 June 2005 |
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The stamp tax consultancy at Deloitte has been recognised as the best in its field at the LexisNexis UK Tax Awards 2005 for the second time running. The judges based their decision on the marked success of the team in this specialist area. “This accolade is a tremendous achievement for the Stamp Tax Consultancy, and the tax practice at Deloitte as a whole, reflecting the way in which we work with our colleagues across the practice," comments Michael Quinlan, head of stamp tax at Deloitte. “The judges highlighted the support we received from our clients and the value we deliver, which is at the heart of all our... |
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| Life office sector: change to solvency reporting successful |
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31 May 2005 |
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The initial gloomy predictions of the impact of Realistic Balance Sheet reporting have proved largely unfounded according to a new report on the financial strength of life insurance firms. These reporting rules, introduced at the end of 2004, require firms to assess liabilities on with-profit policies on a “realistic” basis, including non-guaranteed benefits. Analysis of end-of-year FSA Returns shows that the funds remain solvent on the new... |
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| Improved VAT position on financing costs for UK business |
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26 May 2005 |
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Businesses are able to recover VAT incurred when raising capital in the last three years, as a result of a European Court of Justice (ECJ) decision out today. The Kretztechnik case was referred to the ECJ from an Austrian court and will overrule UK law which currently prevents firms from reclaiming VAT relating to financing costs.
The judgement is in contrast to HM Revenue & Customs’ current view that VAT on costs relating to the issue of shares to EU recipients cannot be recovered where the primary intention is to raise capital. Historically, as a result of the stance adopted by Customs, VAT has significantly increased the cost of... |
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| Regional UK hotel performance at all time high |
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25 May 2005 |
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Regional UK hotels performance is at an all time high having recovered ground lost due to 9/11 and foot and mouth, to name but two challenges that the industry has dealt with in the recent past, according to the Deloitte HotelBenchmark Survey January – April results. Revenue per available room (revPAR) has increased by 4 percent compared to the same period last year.
The most significant improvement is in Liverpool, in line with a resurgence on the football pitch of the cities two teams, where revPAR is up 18 percent from £39 to £45 compared to the first four months of last year.
Gatwick is the biggest winner in the... |
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| The future of the life science industries |
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24 May 2005 |
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The distinction between biotech and pharmaceutical firms will erode over the next decade, according to a white paper released today by the Life Sciences and Health Care practice at Deloitte. The report, which was developed in collaboration with the Economist Intelligence Unit, predicts biotech and medical device firms will grow more quickly than the pharmaceutical sector, with the fastest growth in Asian markets.
Stuart Henderson, life sciences partner at Deloitte, comments:
“Widespread pressure to lower prices, along with increased competition, will speed up consolidation and convergence in the sector. Firms can no longer rely... |
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| The peril of the dark side: counting the cost of film piracy |
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20 May 2005 |
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This week's news that the final chapter of 'Star Wars: Episode 3- Revenge of the Sith' has been leaked over the Internet is a strong sign that the entertainment industry is yet to establish a successful means of combating piracy in the industry.
Ed Shedd, media partner at Deloitte comments: "Historically the film industry has been relatively safe from soft copy piracy because of download time. However the uptake of broadband, advances in compression technology (whereby files sizes are made much smaller) and the rise of peer-to-peer networks have all led to a dramatic increase in download speed times for films, and as a consequence... |
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| Economic Reveiw Q2: Post-election landscape: have we ever had it so good? |
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15 May 2005 |
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In the latest issue of the Deloitte Economic Review, our Economic Adviser, Roger Bootle, looks at the recent performance of the UK economy and asks whether there has been a fundamental transformation. His main points are as follows:There is no doubt that the UK economy has enjoyed an impressively long period of uninterrupted expansion – 50 consecutive quarters and counting. But this may not be as remarkable as it sounds. In annual terms, the UK economy expanded consistently from 1947 to 1973 – over twice...
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