Loose talk leads to panic: Business chiefs must stop talking about Britain and start boosting recovery, says ALEX BRUMMER
Some UK trade associations and companies cannot help themselves. The willingness to trash Britain to recover from the most severe recession since the 1930s is incredible.
The UK is somehow an exception, and the very idea that supply bottlenecks are causing more problems here than in the world is a terrible distortion.
Midland-based transportation company Europa Worldwide Group has resigned from the trade association and shouted a foul because it was outraged by the Road Haulage Association’s panic briefing on fueling and Brexit.
Twisting Facts: Somehow the UK is an exception, and the very idea that supply bottlenecks are causing more problems here than in the world is a terrible distortion.
Shipping company Parcelhero said by issuing a press release claiming that “Christmas can be forgotten” because the accumulation at Felixstowe means that the container has been diverted to EU ports instead. Indicates that is not heroic.
If you want to contribute to the shortage rather than accepting that there are other British container ports like Southampton. Obviously, with the right energy and willpower, the supply shortage will go away.
The idea that this is all a strange British disease of some sort is a myth. We need to support the rafters, which saw a 0.4% increase in UK production in August, when the EU was stagnant. Industrial production across the euro area fell 1.6% and German manufacturing fell 4.1%.
The US is also slowing Covid’s recovery, although labor market data show that it is exacerbating the shortage and pushing up wages (good).
One of the reasons for the rise in energy prices is that China is experiencing a power shortage, inhaling liquefied natural gas and coal, pushing up market prices.
In the UK, we are good at emphasizing negatives. Rising GDP has raised the pound sterling in the forex market, and foreign sovereign wealth funds are lining up to buy UK government debt.
Crisis, what kind of crisis?
There are few catastrophic reports that challenge the integrity of a major audit firm, rather than the findings of an accounting observer’s referee on KPMG and its work on Silent Knight’s bankruptcy.
Auditors have been accused by the Financial Reporting Council of “dishonest” behavior, conflicts of interest, and hiding a treasure trove of 2,367 documents from investigators. Some businesses were conducted by personal email, which was out of the reach of regulatory agencies.
Surprisingly, KPMG worked simultaneously with vendor Silentnight and buyer’s private equity outfit, HIGH Capital.
This is unbelievable. It makes Philip Green’s controversial sale of BHS, with advisors on both sides, look like a tea party.
The horrifying consequence of the sneaky and unethical behavior of its partner, David Costley-Wood, is that Silentnight’s low-wage pensioners have been deprived of their future income.
The fund was closed and passed to the Pension Protection Fund, leading to write-downs of up to 30 percent.
What’s really frustrating is that Costley-Wood was paid £ 800,000 each in the last two years before he resigned from KPMG’s Manchester practice.
The cases of legal action to restore profits are overwhelming.
Given KPMG’s terrible record as an auditor, from foul-ups at co-operative banks to the collapse of carillions, it’s surprising that clients are willing to allow the company anywhere near the book.
Weak standards, ineffective compliance, and concealment make it unreliable. Cumulatively, the mistake was Arthur Andersen’s ratio, forcing the company to close the store.
The FRC has wisely acted and filed a proceeding against KPMG before the referee showed its determination to put an ineffective past behind it.
How good would it be if the Tories worked to tighten accounting regulations through the creation of new auditing, reporting and governance bodies, as proposed over two years ago?
Conflicts of interest explain why a separation of audit and consulting practices must occur. Cleaner capitalism requires urgent reform.
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Founder Matt Molding can begin roof repairs by hiring an independent chairman and chief operating officer. It will provide molding space for the company to develop. But he has to act fast.
ALEX BRUMMER: Business chief must stop dumping the UK in the trash
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