Early reaction to the Chancellor’s summer update of measures to combat the economic challenges posed by Covid-19 has been largely positive, although there has been surprise at the lack of support for some badly affected sectors such as retail and aviation

Just four months after his first Budget, Chancellor Rishi Sunak has unveiled a summer economic update designed to mitigate the impact of the Covid-19 pandemic, with a commitment to encouraging job creation through a government ‘plan for jobs’ and stimulus for consumer spending

The Financial Reporting Council (FRC) has hit Grant Thornton UK with a £3m fine, discounted to £1.95m, over a series of ethical and independence failures in its auditing of Conviviality Retail, part of the collapsed alcohol wholesaler and retailer group

As innovative companies turn to Future Fund loans for additional funding during the Covid-19 crisis, McCarthy Denning’s Guy Avshalom warns businesses could find themselves with powerful new shareholders if the debt converts to equity

Around a dozen universities could plunge into insolvency as a result of the Covid-19 crisis, which poses a significant financial threat to the UK higher education sector, according to research by the Institute for Fiscal Studies (IFS)

Angela MacDonald has been named as the HMRC’S new deputy chief executive, succeeding Jim Harra who vacated the position in October 2019 when he took on the top role as HMRC’s chief executive

The Charity Commission has opened a statutory inquiry into Humanity Torbay over serious concerns about the trustees’ oversight and management of the charity, including the handling of its accounts

Chancellor Rishi Sunak is to deliver a ‘summer economic update’ tomorrow, 8 July, outlining the government’s plans to support the economy through the first phase of recovery from the coronavirus crisis, with likely options including temporary tax cuts, funding for green projects, and job creation schemes

Despite calls for UK corporates registered offshore to be denied government help during the coronavirus crisis, Andersen Tax’s Miles Dean argues that support could save thousands of jobs

The Treasury has extended the temporary scrapping of VAT on personal protection equipment (PPE) until the end of October, with the move expected to save £155m for care homes and businesses dealing with the coronavirus outbreak

The government has announced a £1.57bn rescue package to help Britain’s arts, culture and heritage industries weather the impact of coronavirus, after leading figures from the world of theatre, music and museums warned of widespread venue closures and job losses

The Financial Reporting Council (FRC) has given PwC, EY, KPMG and Deloitte four years in which to agree to operational separation of their audit practices, in a bid to drive up audit quality and end what the regulator dubbed ‘persistent cross subsidy’ from the rest of the firm