Tories warn of PFI risk.
The way the government is proceeding with the Private Finance Initiative risks financial impropriety or worse, the Conservative party has warned. Spokesman Howard Flight intervened after economic secretary Melanie Johnson rejected demands for PFI advisory body Partnerships UK to be inspected by the National Audit Office. She rejected a Tory amendment preventing the Treasury financing the proposed company by guarantees. Flight said: ‘The structure as laid down by the Bill opens the doors to the risks of corruption.’ His comments follow a debate on the Government Resources and Accounts Bill after Johnson agreed to amend the legislation to lay down a statutory limit to the finance the Treasury provides for Partnerships UK. Flight said the Confederation of British Industry and the Trades Union Council were concerned conflicting interests. Public Accounts Committee chairman David Davis said: ‘It is hard to escape the conclusion that the Treasury must have designed the arrangements to exclude a role for the C&AG and the PAC.’ He complained the new body would be up to 49% government owned and the Treasury would appoint directors. It would impact the use of public money and derive revenue from the public and private sectors.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceGlobal spend on accountancy outsourcing up by 40% in the space of five years. News comes as accountancy outsourcing specialist AdvanceTrack reports en...
View articleFollowing a profitability review, Deloitte has decided to scale back its UK deals business due to lower returns. This strategic shift could lead to jo...
View articleUK-based Dow Schofield Watts (DSW), a mid-market professional services network, announced the creation of a new division called DSW Principal Partners...
View articleEY has been undergoing significant cost-cutting measures and streamlining its operations since the abandonment of Project Everest. The firm has made t...
View articleTransitioning from an accounting firm to a consultancy model is only one part of the puzzle. The next, equally vital piece is making the market aware ...
View articleThis framework, while providing a top-line view, underscores the importance of strategic vision, operational excellence, and the spirit of continuous ...
View articleLooking ahead, the Big 4 firms face a challenging year, with ongoing cost-of-living concerns, slow economic growth, rising geopolitical tensions, and ...
View articleLast month it was reported that Deloitte would be cutting approximately 1,200 jobs in the United States, making it the latest of the Big Four accounti...
View article