FTSE LIVE: Pound edges lower as Cabinet meets to discuss no-deal Brexit after Parliament fails again; MPs call for break up of Big Four accountants
- Sterling sliding after EU’s Michel Barnier said a no deal was now more likely
- MPs are calling for a full structural break-up of Deloitte, EY, KPMG and PwC
- The Government’s so-called Bad Bank has sold £4.9bn of loans to Citi
Could this be the end of Deloitte, EY, KPMG and PwC as we know them? Despite being under scrutiny for a long time, never before has a suggestion as radical as a complete structural breakup been put forward to help get a handle on the ‘big four’ accountancy giants.
Elsewhere today, the pound is in the doldrums after MPs failed (once again) to find a majority on how to do Brexit – edging the UK closer to no deal.
And the Government has pocketed £4.9billion after flogging a chunk of the former Northern Rock mortgages and loans it was forced to take on during the financial crisis.
The Government’s so-called Bad Bank has sold £4.9billion of loans to investment bank Citi