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The Bank of England has warned there are mounting risks of widespread job losses and companies going out of business across Britain as the economic costs of the coronavirus outbreak become more apparent.
European shares tumbled in early trading on Friday after a stunning three-day rally sparked by hopes of more aggressive stimulus to shore up the global economy.
Top accountancy firms are calling for temporary respite from rules including mandatory audit firm rotation, physical inventory counting and accounts filing deadlines, arguing that the coronavirus outbreak had created “unprecedented challenges”.
Ian Stewart, chief economist at Deloitte, dubbed the Coronavirus pandemic a massive shock the economic system and one that is having an “immediate and pronounced effect on the ability of people to work”.
The Financial Conduct Authority (FCA) has asked companies due to produce preliminary financial statements in the next few days to delay publication due to disruptions caused by the coronavirus.