The rising oil price has hit profits at all British manufacturing businesses,
according to BDO Stoy Hayward latest Industry Watch report.
BDO said the oil price rise had cost UK companies £11.3bn in the last six
months alone, after world oil prices hit a record high of $75 a barrel in late
The hardest hit industries were shipbuilding and the repair industry.
BDO calculated that higher oil prices will have cut profits in manufacturing
by 59% in the six months from November 2005.
David Hill, business restructuring partner at BDO Stoy Hayward in Scotland,
said: ‘UK industry’s dependence on oil is well-known, but it is shocking to
discover the huge sums of money that businesses must find when oil prices
increase and the effect this has on profitability.’
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements