Loose talk causes panic: Alex Brummer says business chiefs should stop talking to Britain and start supporting recovery


Loose talk causes panic: Alex Brummer says business chiefs should stop talking to Britain and start supporting recovery


Some UK business groups and businesses cannot help themselves. The willingness to put Britain in a trash bin is brilliant as the post-1930s deep recession bounces.

However the idea that the UK is an exception and supply disruptions are causing more problems around the world is a complete distortion.

Midlands-based transportation company Europa Worldwide Group is fearful of the Road Haulage Association’s fuel supply and Brexit, which has resigned from the business.

Distorting the facts: somehow the idea that the UK is an exception and supply disruption is causing more problems around the world

Delivery company ParcelHero is showing that it is something heroic, saying that we can ‘forget Christmas’ by releasing a press release because the construction at FelixTow means containers are diverted to EU ports.

It wants to encourage scarcity rather than accept that there are other UK container ports, such as Southampton. Clearly, with the right energy and willpower, supply shortages will go away.

The idea that all this is some kind of strange British disease is a myth. We should cheer from the rafters, as production in Britain grew 0.4 per cent in August when the EU was stagnant. Industrial output fell 1.6 per cent across the euro zone and production in Germany fell 4.1 per cent.

The US is also correcting itself with labor market data showing that the deficit is rising, increasing wages (good) but halting the pace of Kovid’s recovery.

One of the reasons for the rise in fuel prices is that China is experiencing a shortage of electricity and therefore increasing the market price by absorbing liquefied natural gas and coal.

In Britain, it is good for us to emphasize negativity. The rise in GDP has increased sterling in the foreign exchange market, and overseas sovereign wealth funds are in the queue to buy the British government debt.

Crisis, what crisis?

Audit trail

There may be some devastating reports in the KPMG that challenge the integrity of a major audit firm rather than its accounting watchdog’s tribunal findings and its work on Silentnight’s bankruptcy.

It is alleged that the auditors hid 2,367 documents of funds from the Financial Reporting Board for ‘indecent’ conduct, conflicts of interest and investigators. Some transactions were conducted in a private email at the affordability of regulators.

Significantly, KPMG vendors worked for Silent Night and buyers private equity outfit HIG Capital.

It is beyond belief. This makes a controversial sale of Philip Green’s BHS, where there were consultants on both sides, which looked like a tea party.

One terrible consequence of the cross and immoral behavior of a related partner, David Costley-Wood, was that in Silent Night, low-paid pensioners were deprived of their future income.

The fund was closed and passed to the Pension Protection Fund, which resulted in a reduction in valuation of 30 per cent.

What really rankles him is that, over the past two years, he has been paid $ 800,000 before Costley-Wood stepped down from KPMG’s Manchester practice.

The legal case to recover the profits is overwhelming.

Given the terrific track record of KPMG as an auditor, from foul-ups in the co-operative bank to the collapse of Carillion, it’s amazing that any customer is willing to leave the company anywhere near the book.

Weak standards, ineffective compliance and lids make it unreliable. Overall, mistakes were in the Arthur Andersen ratio and the firm was forced to close the store.

The FRC has sharpened its statute, and the Tribunal has shown its willingness to put an ineffective past behind its case against KPMG.

How good the Tories are for enhancing accounting control by creating a new accounting, reporting and governance authority, as proposed two years ago.

Conflict of interest explains why accounting and negotiation practices need to be separated. Pure capitalism needs immediate reform.

Gently cooked

Is the Hut Group becoming the new WeWork? The deal with SoftBank was intended to add Stardust to eliminate tech offshoot ingenuity. Instead, shares have fallen 57 percent since the beginning of the month.

Founder Matt Molding can begin fixing the roof by hiring an independent chairman and chief operating officer. That gives the molding space to develop the industry. But he must act fast.

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