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PwC dramatically resigned from the rail and road infrastructure group a month before its financial year-end, sending Jarvis shares into a spiral.

Jarvis was forced to issue a statement which said: ‘Following a regular benchmarking review of the cost to the company of advisors the company was unable to agree fees with PwC for the audit.’ It warned that the resignation of PwC should not be misinterpreted and said it had appointed Ernst & Young in its place. More details on this story will appear on later today.

The Scots ICA’s joint venture with BPP, announced last week, follows the surprise decisions by Ernst & Young and PricewaterhouseCoopers to abandon the English ICA and start training hundreds of their students through the Scottish institute. This joint venture could lead to further defections as the Scots build up their training facilities south of the border.

Features due to appear on later today include a look at the London mayoral elections, which asks which candidate will be best for business, and a feature from ‘Business Week’ which considers the new robustness of European investors following recent stock market jitters.

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