What CAs need to know this week: 23 November 2015
A look-ahead at some of the key things happening this week.
Chancellor to present Autumn Statement
Chancellor George Osborne is set to deliver this year’s Autumn Statement and Spending Review on Wednesday (25 November). An increase in defence spending, tax credit changes, new rules to target tax avoidance and an increase in fuel taxes are all expected to feature prominently in Mr Osborne’s announcements. Experts also predict that the Chancellor will announce plans to devolve certain financial powers to UK cities, such as giving local councils control of business rates.
More British retailers turn backs on Black Friday
The Black Friday sales begin this Friday (27 November), but several big British retailers have turned their backs on the USA’s biggest shopping day – including Asda and John Lewis. While UK shoppers spent £800 million on Black Friday last year, the knock on effect on monthly retail sales was powerful. December’s sales growth in 2014 was the weakest since 2008 and many retailers argue that Black Friday doesn’t increase the amount shoppers spend over the Christmas period.
ICAS Conference to get under way
Some of the biggest names in UK business are set to feature at this Friday’s ICAS Conference in Glasgow. Countdown host and former The Apprentice guru Nick Hewer and BBC The Call Centre star Nev Wilshire will be joined by high profile CAs. Speakers include Stagecoach entrepreneur and ICAS Vice-President Sir Brian Souter CA, Global CFO of Walgreens Boots Alliance George Fairweather CA, Founder of Angelic Gluten Free Kirsty Dingwall CA and founder of Pure Spa & Beauty Becky Woodhouse CA.
Earnings due from Thomas Cook, Daily Mail, AO, Pets at Home, Betfair
Final results are due this week from food services provider Compass Group and personal finance company Paragon Group tomorrow (24 November). Wednesday (25 November) will see final results from Britvic, Daily Mail and Thomas Cook and pub operator Marston’s plc on Thursday (26 November). Interim results will be announced by AO World, Babcock, Pets at Home on Tuesday, Betfair on Wednesday and Paypoint and Charles Stanley Group on Thursday.
UK and US GDP second estimates due
The Office for National Statistics will publish its second estimate of UK GDP on Friday (27 November). Analysts expect it to confirm that the economy grew by 0.5% from July to September 2015, driven largely by consumer spending. However, GDP is expected to be negatively impacted by a drop in net exports and weaker business investment. US third-quarter GDP growth figures are also due on Tuesday (24 November), which are expected to be slightly higher than the first estimate of 1.5% growth.
Germany to reveal Volkswagen decision
Prosecutors in Germany will announce this week if they intend to open a formal criminal investigation into Volkswagen and false carbon-dioxide data. Volkswagen has admitted that it understated fuel consumption of carbon dioxide for 800,000 vehicles, as well as evading nitrogen oxide emission standards for millions of cars around the world.