Archive | January 7, 2018

Don’t Kill The Banking Industry It’s The Goose That Lays The Golden Egg

The UK Government looks set to crack on with the program of banking reforms recommended by the Independent Commission on Banking, in spite of fears that the high cost of implementing them will slow down any chance of an economic recovery. The ICB’s package of reforms was outlined in their ‘Report on Banking Reform’, which was published in September 2011. The Commissioners’ recommendations included protecting customer deposits by ring-fencing high-street banking from riskier investment and trading activities, higher mandatory levels of liquidity for the systemically important financial institutions, and encouraging increased competition between banks.

London Mayor Boris Johnson, interviewed on the Andrew Marr show on the BBC recently, succinctly expressed the fears that many in the banking world have been feeling with the immortal words: ‘Just don’t kill the goose’.

In other words, don’t kill the goose that lays the golden egg. Boris was saying that the banks, though unpopular, are a vital part of the UK economy, generating huge sums of money to the Treasury. As he put it to Andrew Marr ‘but those guys, all those great glistening Temples of Mammon I can see behind you in the City and Canary Wharf, they produce 53 billion quids worth of tax. Now that is that is something that is of huge value to the UK. That’s schools and hospitals and all the rest of it.’

Curiously, further in the interview, Andrew Marr tries to clarify Mayor Johnson’s remark with the suggestion ‘Pluck the goose, don’t kill the goose’. Now I may not know an awful lot about animal husbandry, but I am pretty sure that it is not customary to pluck a live goose. Have you seen the size of those things? Geese are large, noisy, ferocious birds, traditionally used by country people as a cost-effective alternative to the guard dog. Back in 365 BC they saved the Roman Empire from a surprise attack by the Gauls. I don’t think they would sit quietly and submit to having their feathers removed, though I would very much like to see Andrew Marr try it. The British Treasury is due to publish a report in response to the ICB recommendation, and it is expected to support it in full.

Business secretary Vince Cable has already said: “We have accepted the recommendations of the commission. It is absolutely right that we make the British economy safe. We just cannot risk a repetition of the financial catastrophe we had three years ago.

How Do I Get To Be A Partner In An Accountancy Firm

For those starting their accountancy career, achieving the status of partner at their firm can seem a lofty ambition. If you are a trainee at one of the Big4 firms the route to becoming a partner is to progress up the corporate ladder. At the bottom of the ladder are the interns (trainees), who, upon qualifying become associates.

The next step is to be promoted to a senior associate, then a manager, senior manager and then (hopefully) being offered a partnership. The length of time it takes to become a partner will be at least 10-12 years, which seems a long time, yet if you start as a graduate trainee at 21, this means you could make partner by the time you are in your early thirties. Fast progression is made even more possible if your area of specialisation e.g. tax is an area the firm particularly needs expertise in.

On being offered a position as a partner you will be encouraged to buy into the firm i.e. invest your own money in the firm (possibly by taking out a loan) in order to become a part-owner of the firm. New partners make the decision to invest in the knowledge that they will receive a big salary which will go up every year (starting from about 60,000-160,000 per year to 500,000 and above), and upon retiring they will receive dividends each year thereafter.

By part owning the firm however a partner has to consider the financial risk involved to him/herself should the firm become involved in any litigation, since then as part-owner would be considered culpable, even if they were not personally responsible. The Big4 firms employ over 500 partners each, with KPMG having over 800.

The route to the top is more difficult for some than others women and ethnic minorities are severely under-represented at partnership level, with some large accountancy practices having none at all at the top level. The Big4 have less than 5% ethnic minorities and less than 10% women partners. This is more surprising if you consider that most of the big firms take on an equal amount of male and female graduate trainees, and reinforces the stereotypical image of partners all being white and male.

However the top firms are starting to recognise that they might be missing out on talent and beginning to bring into practice new working conditions e.g. flexitime in order to help with childcare arrangements.

This entry was posted on January 7, 2018, in Enterprise and tagged .

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Entrepreneurs are the Key Driver Drives Castilla-La Mancha to Economic Recovery

Ensures that the Government of Castilla-La Mancha and CECAM “working in the same direction, which is to create jobs and wealth for our region”

Spain, May 25, 2013 – The Minister of Employment and Economy Regional Executive, Home Carmen said that “entrepreneurs are the engine of economic recovery and a source of employment in Castilla-La Mancha, in collaboration with the government led by Maria Dolores Cospedal “.

Home This was said during a meeting with the president of the Confederation of Employers of Castilla-La Mancha (CECAM), in which we have analyzed the measures it has put in place the regional government to accelerate economic recovery and employment.

In this regard, he indicated that the regional government “is very clear that the revitalization of the productive and commitment to innovation and modernization passes businessmen and entrepreneurs of Castilla-La Mancha, because without them there is no business, and without businesses can not create jobs. ”

The Minister also referred to the latest economic indicators, which he described as “encouraging” Thus, stressed the sale of new vehicles in Castilla-La Mancha in the last month, which has increased by 23.6 percent, compared to 10.8 percent of the national average, the Business Confidence Index from 6.5 in Castilla-La Mancha against the national average of 3.6, or increasing the number of self in the last month 0.31 percent.

Home has expressed its belief that “the measures taken by the government of Castilla-La Mancha are beginning to bear fruit, something that is being endorsed by economic data that reflect a slight change of trend”

In this regard, he said that “despite the difficulties, we were able to ensure basic social services, meet the deficit target and, above all, to show that the measures we have taken were correct.”

As an example, he recalled that “only the Ministry of Employment and the Economy will invest 95 million euros in 2013 to encourage entrepreneurship and to create jobs through measures such as the Development Plan for the Recruitment, Development Plan of Self-employment agreements with financial institutions, the Investment Plan and Employment Creation or the Internationalization Plan of Castilla-La Mancha, among other measures. ”

Finally, Casero wanted to highlight the important work CECAM with Nicholas Angel in the lead, to streamline and improve the business of Castilla-La Mancha. “The Government of Castilla-La Mancha and CECAM working in the same direction, which is to create jobs and wealth for our region,” he concluded.

Press Contact: Consejeria de Empleo y Economia Media Relations Consejeria de Empleo y Economia Address: Avda Ireland No 14 512-212-1139