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Audit and assurance
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Consulting
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Cyber
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Deals
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Environmental, social and governance (ESG)
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Financial services advisory
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Forensics and investigations
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Government and public sector
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Insolvency and global asset recovery
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International
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Restructuring
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Risk
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Tax
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Outsourced accounting services
Every business is different, the challenges they face vary but all need bespoke solutions. Businesses also share common ground when it comes to striving for reducing costs and improving efficiencies.
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Royalty and intellectual property audit
Intellectual property (IP) is valuable and one of the challenges for you as an IP owner, whether in film, TV, book publishing or consumer products, is ensuring that you are receiving all royalties due to you.
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Pensions
Assurance and financial reporting is key, and reporting with independent opinion gives confidence to trustees to support their governance processes.
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Healthcare assurance
Our healthcare assurance team supports local and national NHS bodies improve the quality of their clinical data and cost information to accurately reflect the care delivered
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Contract assurance
We know how complex accounting for large contracts can be. The services sector relies on successful deals and risks being isolated and understood.
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Brexit and political risk advisory
We can help you navigate political volatility.
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Business consulting
Challenges are specific and solutions do not translate perfectly from one business to another, which is why you told us you want a fully customised approach to professional services.
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Corporate simplification
Having too many companies in your group structure can be expensive, and the changing financial reporting and regulatory landscape can lead to additional compliance work.
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Economic consulting
Bespoke guidance grounded in complex economic theory and practical sector insight to help you make the right decisions.
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Governance advisory
Helping you future proof your governance and decision-making structures
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International services
To ensure the continuity of service you expect, our International Business Centres (IBC), led by our experts from around the world, work together to coordinate and provide global delivery.
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People advisory
Create value by attracting, retaining and developing an agile and resilient workforce for continued business success.
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Strategy
Our Strategy and Modelling capabilities are focused on helping management teams make better, more rigorous and quantified business decisions
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Respond: Data breach, incident response and computer forensics
Are you prepared for a cyber failure? We can help you avoid data breaches and offer support if the worst happens.
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Comply: Cyber security regulation and compliance
Cyber security regulation and compliance is constantly evolving. Our team can support you through the digital landscape.
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Protect: Cyber security strategy, testing and risk assessment
Cyber security threats are constantly evolving. We’ll work with you to develop and test robust people, process and technology defences to protect your data and information assets.
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Corporate finance
We combine award-winning technical expertise with the intuition, insight and confidence gained from our extensive sector experience and a deeper understanding of our clients.
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Debt advisory
Our debt advisory team can find the right lender to help you in restructuring. Find out how our experts can support you.
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Financial accounting advisory services (FAAS)
Our FAAS team can support your finance function with the flexible resource they need to get results.
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Financial modelling
Models are at the heart of all business decisions. Whether you're looking to raise finance, buy or sell a business, assess strategic options, or just plan for the future, you're going to need a forecast. This is likely to come from a financial model.
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Operational deal services
Most transactions fail to achieve their goals. There are many reasons for failure.
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Our credentials
Search our transactions to see our experience in your sector and explore the deals advisory services we've delivered.
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Restructuring
Protect and realise value throughout times of uncertainty, stress and distress
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Transaction services
We will identify key business issues through our rigorous and tailored risk and business analysis process. Our Transaction Services team will then work with you to resolve these issues with a reporting method designed to suit each client and their preferred medium.
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Valuations
The Valuations team has wide experience in valuations of private companies. We serve enterprises of all types and sizes, covering a wide range of industries
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The ESG agenda
Shape your ESG agenda by identifying the right metrics, sustainable development and potential business value impact.
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ESG driven business transition
Whatever your ESG strategy, we can support your organisation as it evolves while maximising efficiency and profitability.
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ESG programme and change management
Do you have the right capabilities to drive the delivery of your ESG strategy to realise your targets?
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ESG risk management
You must protect, comply, understand and influence to successfully manage the risk involved with ESG issues. We can help.
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ESG strategy, risk and opportunity identification
We can help you clearly define your ESG Strategy, with the risks and opportunities identified and managed.
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Create value through effective ESG communication
Building trust and engagement with your stakeholders on your ESG strategy.
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ESG metrics, targets and disclosures
The pressure to report your ESG progress is growing. Do your targets measure up?
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ESG governance, leadership and culture framework
Make the most of ESG opportunities by effectively embedding your strategy across your organisation.
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ESG and non-financial assurance
Support your board to be confident in supplying robust information that withstands scrutiny.
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Actuarial and risk
Grant Thornton's Actuarial and Risk team provides market leading actuarial and risk management advice to clients in the financial services sector and further afield. We consult extensively to the life insurance, general insurance, health insurance and pensions sectors as well as providing financial modelling and financial instrument valuation services more widely.
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Business consulting
The Financial Services Business Consulting (FSBC) practice is able to harness the skills, knowledge and experience within the Financial Services Group, to provide a full suite of services across the delivery lifecycle, from strategic advisory to assurance. FSBC provides market-leading consulting and advisory services to the banking sector.
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Business risk services
Our market-driven expertise helps firms keep growing and manage risk in an evolving regulatory landscape.
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Financial crime
Helping you fight financial crime in a constantly changing environment
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Financial services tax
In the Financial Services tax team, we provide tax advice to businesses from all over the world. We combine technical expertise with a commercial approach based on experience and deep industry understanding.
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Insurance audit, assurance and advisory
Today’s financial services environment is the subject of increasingly rigorous governance, accounting and regulatory requirements. In the light of this, we provide a truly robust and independent service to undertake external audits with a defined, industry-specific audit approach that is specifically tailored to the relevant sector.
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Leasing and consumer finance
We are a unique team in the accountancy profession and combine vast industry, product, and asset knowledge with a core service offering which adds real value to our clients.
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Litigation support
Our in-depth understanding of the industry, and our sensitivity to conflicts make us the ideal choice for law firms and lawyers looking for unrivalled levels of service. We provide a wide range of litigation support and investigation services to the financial services industry.
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Regulatory and compliance
Regulatory and compliance - We provide an exceptional level of regulatory and compliance support to both retail and wholesale organisations across the financial services industry.
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Risk and capital management
We help businesses determine which capital risk management approach fits them best, ensuring that compliance is a natural by-product and not the primary driver. While the regulatory dimensions of capital risk management are growing at an unprecedented pace, it is our understanding of the links between risk, capital and performance that benefits our clients.
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Transactions and restructuring
We carry out a wide range of transaction support services, including due diligence and business reviews to support acquisitions, lending transactions, acting as reporting accountants for financial businesses seeking a listing or trading on the capital markets.
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Computer forensics
Computer forensics - We can report on metadata and provenance, internet activity, external connections and copying, destruction of evidence, smart devices, and we can conduct detailed forensic searches.
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Corporate intelligence
Corporate intelligence often involves cross-border complexities. Our experienced team can offer support.
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Cyber advisory
Our cyber team helps you to identify and guard against potential cyber risks to your organisation and mitigate against data leaks and hacks
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Disputes advisory
Our team advises on quantum and other accounting or financial issues in commercial disputes, including acting as expert witness in litigation and arbitration.
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Financial crime
Helping you fight financial crime in a constantly changing environment
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Financial services investigations
We are market leaders in conducting and supporting investigations within the financial services industry
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Forensic data analytics
Our forensic data analytics team are helping businesses sift the truth from their data. See how we can help your firm.
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International arbitration
International arbitration has become the principal dispute resolution method for the determination of complex international commercial disputes.
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Matrimonial services
We provide a distinctive, high-quality and personalised service to family lawyers and individuals across the UK both pre and post-marriage.
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Monitoring trustee and competition services
Monitoring trustee and competition services - We provide independent Monitoring Trustee services to competition, financial, security and other regulatory bodies.
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Forensic investigations and special situations
Do you need clarity in an uncertain situation? If you're accused of wrongdoing we can help you get the facts right.
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Public sector advisory
To deliver excellent public services, local and central government need specialist support.
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Public sector audit and assurance
As a leading UK auditor, we have unparalleled insights into the risks, challenges and opportunities that you face.
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Public sector consulting
Helping public sector organisations maintain oversight of services and understand what's happening on the ground.
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Public sector governance and risk
Although arguably necessary to bring order to public financing, the impact of the accelerated public sector funding cuts represents an unprecedented scale of funding reduction. While the sector has so far risen to the challenge, enduring service and financial pressures create risks and opportunities and have particular implications for governance, risk management and internal control.
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Cryptoasset recovery
Get guidance and technical expertise on digital finance and cryptoasset recovery from our dedicated crypto hub.
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Grant Thornton Offshore
Grant Thornton Offshore is our one-stop global solution for insolvency, asset recovery, restructuring and forensics services.
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Contentious estates and family disputes
Managing complex, high net worth and sensitive issues such as divorce to resolution
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Corporate intelligence
When you're embarking on recovery proceedings, you have just a small window of opportunity to take meaningful action.
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Litigation support
Our in-depth understanding of the industry, and our sensitivity to conflicts make us the ideal choice for law firms and lawyers looking for unrivalled levels of service. We provide a wide range of litigation support and investigation services to the financial services industry.
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Personal insolvency
We are a leading provider of personal insolvency services, delivering practical solutions in a sensitive manner, maximising recoveries for creditors or by helping individuals seeking for appropriate debt relief solutions.
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Expand into new markets
Broadening your business horizons.
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Finding the right international contacts
Introducing you to the people with the experience you need to succeed.
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Getting more out of your existing international operations
How to stay in touch with, and make the most of changing markets.
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Setting up in the UK
Practical advice and expert input for anyone moving into UK markets.
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Contingency planning and administrations
In times of financial difficulty, it is vital that directors explore all the options that are available to them, including having a robust ‘Plan B’.
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Corporate restructuring
Corporate restructuring can be a difficult time. Let our team make the process simple and as stress-free as possible.
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Creditor advisory
We act as financial adviser to mainstream lenders, credit funds, special situation funds, security trustees and surety providers.
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Debt advisory
Our debt advisory team can find the right lender to help you in restructuring. Find out how our experts can support you.
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Financial services restructuring and insolvency
Financial services restructuring and insolvency is a competitive marketplace. Our team can help you navigate this space.
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Pensions advisory services
Our pensions advisory service helps manage risk and agree funding strategies. Find out how we can help you.
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Restructuring and insolvency tax
Tax will often be crucial in a plan to restructure a distressed business. Our team can guide you through the process.
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Compliance assurance
Since the financial crisis of 2008 the governance and conduct of financial services firms has been under increasing scrutiny.
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Data analytics
Deeper insight through data analysis is becoming commonplace, increasing the value, commercial challenge and calibre of insight delivered to the business.
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Enterprise risk management
Enterprise Risk Management (ERM) has been around for a long time, but many organisations have struggled to understand it or genuinely embrace it.
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Finance and risk management services
Our clients continue to prepare for and implement a range of new regulatory requirements, whilst having to navigate the uncertain macro-economic environment and structural change affecting the industry.
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Internal audit services
Recent high profile control failures and increased regulatory demands require organisations to gain independent and objective assurance over the effectiveness of internal controls and risk mitigation.
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People, culture and organisation
Whilst it is recognised that culture is a key enabler of strategy, the Chartered Institute of Internal Auditors has placed greater focus on the importance of organisations’ culture.
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Projects, capital programmes and transformation
Delivering significant medium and long term shifts in strategic direction, competiveness or performance often requires effective delivery of significant and complex projects and transformation programmes.
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Technology risk services
Technology has been a key driver for success and operational efficiency in all industries.
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Third party and contract assurance
Delivery of critical business activities, both business as usual and projects, increasingly means working with external partners for goods and services.
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Capital allowances (tax depreciation)
Advisory and tools to help you realise opportunities in capital allowances.
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Corporate and international tax
Accurate returns, managing risk & maximising opportunity.
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Employer solutions
It's a well-known fact that, in business, people are your greatest asset.
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Indirect tax
In recent years, there has been a domestic and global trend of Governments shifting emphasis from direct to indirect taxation. Globally, while corporation tax rates have generally decreased, VAT rates have risen.
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Our approach to tax
The Finance Act 2016 introduced the requirement for businesses like ours to publicise their tax strategies by the end of the 2018 financial year. We fully support such initiatives and believe that firms sharing their approach to tax can promote widespread transparency, build trust and benefit society as a whole.
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Private
You'll know just how important it is to maximise and protect your personal wealth.
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Real estate tax
The impact of the prolonged downturn continues to be felt in certain parts of the world but pockets of opportunity and optimism have emerged within the real estate. The UK real estate investment market has enjoyed high levels of capital inflow from a wide range of different investors groups and continues to be attractive.
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Research and development tax incentives
We can help you prepare optimised and robust research and development tax claims.
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Tax investigations and disputes
We make it simple to stay compliant and avoid HMRC tax disputes
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We can help you manage your tax risk.
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Transaction and restructuring tax
Undertaking a transaction, such as fundraising, refinancing, acquiring or disposing of a business or assets, or a more fundamental restructuring is an important step. Businesses, lenders and stakeholders need to understand the impact of that transaction.
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Get the right support to deliver corporate and vocational training that leads the way in an expanding market.
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Facilities management and property services
Get insight and strategic support to take opportunities that protect resilience and drive UK and international growth.
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Recruitment
Helping recruitment companies take opportunities to achieve their goals in a market where talent and skills are key.
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We can help you find the right ingredients for growth in your food and beverage business.
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Travel, tourism and leisure
Tap into our range of support for travel, tourism and leisure businesses in this period of challenge and change.
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Retail, e-commerce and consumer products
With multiple challenges and opportunities in the fast-evolving retail sector, make sure you are ready for them.
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Banking
Our expertise and insight can help you respond positively to long term and emerging issues in the banking sector.
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Capital markets
2020 is a demanding year for capital markets. Working with you, we're architecting the future of the sector.
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Our experienced expert team brings you technical expertise and insight to guide you through insurance sector challenges.
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Investment management
Embracing innovation and shaping business models for long-term success.
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Pensions
Pension provision is an essential issue for employers, and the role of the trustee is becoming increasingly challenging.
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Helping central and devolved governments deliver change to improve our communities and grow our economies.
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Delivering a successful transport or infrastructure project will require you to balance an often complex set of strategic issues.
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Helping local government leverage technical and strategic expertise deliver their agendas and improve public services.
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We provide commercial and strategic advice to assist your decision making in pursuing your objectives.
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Supporting you to achieve positive change in the UK charity sector.
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The education sector has rarely faced more risk or more opportunity to transform. You need to plan for the future.
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Social housing
We are committed to helping change social housing for the better, and can help you make the most of every opportunity.
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Technology
We work with dynamic technology companies of all sizes to help them succeed and grow internationally.
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Telecommunications
Take all opportunities to realise your goals in telecommunications: from business refresh to international expansion.
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Media
Media companies must stay agile to thrive in today’s highly competitive market – we’re here to support your ambitions.
As the UK government prepares to navigate the economic fallout from COVID-19, the big story of the Summer Statement 2020 is the focus on 'jobs, jobs, jobs' and large temporary fiscal measures to support specific sectors, such as hospitality and tourism.
Gloomy economic backdrop
The chancellor announced that the UK economy had contracted by 25% in just two months, undoing 18 years’ worth of growth. Stark warnings from the International Monetary Fund (IMF) that this is set to be the largest recession on record mean the government is under no illusions that the recovery will be painful.
However, with the government unable to quantify the full extent of the economic impact, concern about the possibility of a second wave and uncertainty over the future timeline of ending lockdown, today’s announcement should be read as an initial reaction, not the full response; a stopgap.
For context, the measures announced today total around £30 billion compared to the £159 billion in existing coronavirus support. We can expect a full autumn budget and spending review, which will likely bring significant change and investment to the economy.
The measures announced today are good news for those businesses in hospitality and tourism, employers who can bring staff off furlough, homebuyers and those looking to gain an apprenticeship or get their first job. With that in mind, what were the key takeaways?
Finding, creating and supporting jobs
The chancellor confirmed that the Coronavirus Job Retention Scheme would be wound down by the end of October, this year.
Clearly the government is concerned over rising unemployment and, in response, announced several measures to support workers and skills development, including:
Job retention bonus
A new policy to reward and incentivise employers bringing back furloughed employees: £1,000 for every furloughed employee being brought back and kept through to January 2021.
A kickstarter scheme
The government will pay employers for creating jobs for 16-24 year-olds who are on Universal Credit, with funding conditional on firms proving they are newly created jobs. The government will pay young people’s wages for six months, plus an amount to cover overheads. That means, for a 24-year-old, the grant will be worth around £6,500.
Financial incentives to create apprenticeships and traineeships
For the six month period from 1 August 2020 to 31 January 2021, the government will pay employers in England to create apprenticeships, up to £2,000 per apprentice aged under 25 and £1,500 for those aged 25 and over. Additionally, for the first time ever, the government will fund employers in England who provide trainees aged 16-24 with work experience, at a rate of £1,000 per trainee.
Justin Rix, Partner, Head of People Advisory
"The incentives for businesses to revisit and build talent strategies are particularly important in an environment where business models have fundamentally been changed by lockdown, in addition to other economic and social change. As new and different business needs emerge, businesses have to consider the different types of skills they require, both now and in the future.
"The Job Retention Bonus is likely to play a key role in helping some businesses to preserve important roles that might otherwise have been lost to cost restrictions. It may also encourage some creative thinking around helping returning workers to acquire new skills and, ultimately, fulfill new roles.
"Increased support for apprenticeships over the next six months is a further promising opportunity for businesses to fill important skills gaps, helping to drive improved business agility and resilience; and also to develop vital digital skills that will help move them in to the future."
Support for hospitality and tourism
The hospitality and tourism sector has been hit hard by coronavirus, through a combination of lockdown measures and reduced consumer confidence. To try and stimulate activity in the sector, the chancellor announced two big temporary measures:
VAT cut for food, non-alcoholic drinks, accommodation and attractions
From 15 July 2020 to 12 January 2021, a 5% rate of VAT will apply to supplies of food and non-alcoholic drinks from restaurants, pubs, bars, cafés and similar premises across the UK. A 5% rate of VAT will also apply to supplies of accommodation and admission to attractions across the UK.
'Eat-out to help out' discount
For the month of August, every UK citizen will be given an 'eat out to help out' discount. Offering customers a discount worth up to £10 per head, each time they eat at a restaurant from Monday to Wednesday every week in August.
Karen Robb, Partner, Head of VAT
“Following in the footsteps of other European countries, like Austria and Germany, that have also recently reduced the rate of VAT for hospitality, the temporary change announced today is the first major reduction in the UK for over 10 years. However, with the reduced rate applying from next Wednesday, businesses are faced with the complexity of a VAT rate change in their systems mid-month and without much notice. Those businesses affected need to quickly consider the impact this will have on their pricing and price points, consider if there are any changes required to their accounting and electronic point-of-sale systems, as well as how the reduction will be reflected on receipts, invoices, menus and marketing.”
Vouchers for homeowners and tax cuts
In a move to show the government's green credentials and support the real estate market, alongside measures to improve energy efficiency in public sector buildings and social housing, the chancellor announced:
A £2-billion 'Green Homes' grant
From September, homeowners and landowners can apply for vouchers to help towards the cost of energy efficiency improvements, up to £5,000 per household. For low-income households, the vouchers will cover the full cost up to £10,000 per household.
Stamp duty to be cut from today
The tax-free threshold has been increased to £500,000. Coming into force today, this will run until the 31st March 2021.
Matt Maltz, Partner, Head of UK Real Estate
"The temporary cut to stamp duty land tax on residential home purchases up to £500,000 seems to be applicable to both homeowners and those buying second homes and investment properties, although the latter will still have to pay the 3% surcharge.
"The importance of the construction industry has also been recognised through accelerated infrastructure expenditure and the 'Green Homes' fund. Both of these should encourage the creation and retention of jobs."
Much more to come
Many businesses will look at today's announcements and see little for themselves. Key UK sectors like automotive, oil and gas, and aerospace did not get a mention. Others, such as gyms, pools and beauty salons, remain shut, with no certainty on when they might re-open or how they will recover.
Those that will benefit from today’s measures will also have questions over the implementation of new schemes and payments. We can expect details in the coming days, but what is clear is that this is just the beginning, and that government will need to intervene further.
Big questions over the full impact of coronavirus on the UK economy will come later, including whether these measures will help, what future support will they provide, and how all these, and future, interventions will be paid for. We can expect a mammoth budget and spending review.
If today was the appetiser, the autumn Budget looks set to be the main and dessert, all rolled into one.