West Yorkshire Accountants Forecast Tough UK Market

 

Huddersfield accountants and the owners of Yorkshire Bank have reiterated concerns about the UK market – despite signs of an economic recovery.

National Australia Bank who handle the operation of the bank said:

“Our UK franchise remains well positioned to benefit from any improvement in operating conditions.

“ (But) We will continue to monitor market developments in the UK.”

Holmfirth book keeping experts have reminded business owners of the importance of revaluating accountancy services regularly to make sure the business is optimised for the future and double digit growth.

Recent rumours have also pointed to National Australia Bank buying up Lloyds TSB branches that they have been ordered to sell by The Independent Commission for Banking (ICB).

The ICB have however stressed that if the owners were to do this then they would have to follow strict guidelines set for the international ownership of UK financial institutions.

Bin Laden Death Affecting World Markets?

The impact to financial markets as a result of the death of Osama Bin Laden has been mixed.

Initially external business experts recorded a drop in oil prices and a rally in global stock markets, however most of the positives turned out to be temporary after investors concluded that the death would not play an huge role in the global economy.

Global markets initially jumped up more than 1.5% in Tokyo (Nikkei) and 0.7% in Germany (DAX).

The Financial Time also reported the exact figures, showing how oil prices have fluxuated with the events in recent days. Brent Crude declines in price by 0.6% knocking barrels down to $124.30 each. The Dow Jones peaked at 12,876 but dropped at close of session to 12,807.

City of London financial experts reported similar happenings on the London Stock Market, concluding that any changes in the market were only temporary and had likely passed.

Legal Privileges Row Rolls On

It seems like years ago that we were discussing an impending court case which would rule whether or not accountants would receive the same privileges as their brethren in the legal profession.

This case is still rolling on with the Law Society adamant they will be making representations before the review of any ruling to keep the privileges firmly on the side of the law.

President of the society Linda Lee has vowed to make ensure “the scope of LPP remains clear and certain”. Accountancy Age last week broke the exclusive news that the Supreme Court agreed to hear an appeal over discussion coming under PPC between PwC and The Prudential, despite ruling in 2010 that LLP will never apply to non-law professionals.

Should accountancy services be awarded PPC as has just become the case in Australia then financial experts will be in the same position as members of the legal profession, something the finance sector believe should be common place anyway.

Arguments against the approval from the legal side include the potential ‘muddying of the water’ when advice is being given. As was the case when the debate originally started, with The Prudential arguing that any advice given to them by PwC tax advisors being treated as confidential and as no business of the Tax Man.