Keep up to date with the latest accountancy and business news in our weekly round-up…

 

Government borrowing hits record £62bn in April over coronavirus measures

UK government borrowing rose by a record £62.1bn in April alone as the government paid people’s wages and loaned businesses cash to survive the coronavirus lockdown, statistics showed today.

Coronavirus: Economy faces ‘frustratingly slow recovery’ despite virus hit easing

A closely watched survey of business activity suggests the worst of the coronavirus decline may be over as the economy faces up to the deepest recession in living memory.

Matalan founder suing PwC for ‘ineffective tax avoidance advice’

The multimillionaire founder of Matalan is suing his accountants for allegedly giving him ineffective tax avoidance advice – weeks after his retail empire received tens of million of pounds of taxpayer support during the Covid-19 pandemic.

Former KPMG auditors agree to suspensions over test cheating

Three former partners at KPMG agreed on 18 May to temporary suspensions from public accounting roles over cheating on training exams, the Securities and Exchange Commission said.

EY creates dedicated head of UK audit to focus on standards

EY is introducing a dedicated UK head of accounting in a move that falls short of calls from lawmakers for top accounting firms to run auditing as a standalone business to improve standards.

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