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New chancellor must recognise need to raise taxes, says IFS

Chancellor Rishi Sunak will have to raise billions of pounds worth of taxes, reinstate austerity or ditch the Conservative party’s new fiscal rules in his Budget next month, the IFS has warned. In its pre-Budget analysis, the leading economic think-tank said the fiscal targets laid down by Mr Sunak’s predecessor …

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Japan on brink of recession as coronavirus impact bites

The Japanese economy shrank at its fastest pace in more than five years at the end of 2019 – putting it on the brink of recession as the impact of the coronavirus begins to bite. Official figures showed gross domestic product (GDP) declined by 1.6% in the last quarter, equivalent …

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Struggling Laura Ashley seeks funds to keep trading

The owner of struggling retailer Laura Ashley is in talks with its lender to secure enough funds to keep trading as it battles “challenging” high street conditions. Laura Ashley said the discussions between majority shareholder MUI Asia and US bank Wells Fargo came after a tough period in the last …

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Audit watchdog sounds alarm over coronavirus delays

Accountancy regulators have begun sounding alarm bells over the impact of the coronavirus crisis on auditors’ ability to scrutinise corporate balance sheets. Sky News has learnt that the Financial Reporting Council (FRC) has opened talks with major audit firms about possible delays to signing off clients’ accounts. The discussions are …

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