Friday newspaper round-up: Deloitte, public finances, Apple sales

by | Jul 14, 2023

(Sharecast News) – Controversial UK government aspirations to replace gas boilers in some homes with a hydrogen-based alternative are likely to be scrapped, Grant Shapps, the energy minister, has indicated. Shapps said he believed hydrogen would form part of Britain’s overall energy mix but predicted it was “less likely” that the gas would be routinely piped into people’s homes, amid growing concerns about cost, safety and perpetuating a reliance on fossil fuels. – Guardian
Another big four consultancy firm has confirmed it misused government information last year, widening a scandal that has engulfed global giant PwC. Deloitte disclosed the breach as part of an ongoing Senate inquiry, but has so far refused to provide any more details about the incident due to client confidentiality. – Guardian

The boss of elite City law firm Allen & Overy has unexpectedly quit in the middle of its planned multibillion-dollar merger with a US rival. Gareth Price, Allen & Overy’s global managing partner, resigned for “personal reasons” after three years in the job and more than 30 years at the firm. He was elected to a four-year term that started in May 2020. – Telegraph

Britain’s public finances are in a “very risky” condition and debts could rise to more than 300 per cent of gross domestic product within 50 years, the government’s fiscal watchdog warned. The Office for Budget Responsibility said that the government would need to impose permanent tax rises and spending cuts equivalent to 4.4 per cent of GDP in 2028-29 if it was to prevent debt from surpassing 100 per cent of GDP in the long term, which is where borrowings presently stand. – The Times

Apple’s sales in the UK have hit a new record on the back of strong demand for its top-of-the-range iPhones. The California technology company reported that sales from its online and brick-and-mortar stores across Britain were £1.5 billion in the 12 months to September 24 as revenues rose 61 per cent, according to the latest accounts filed at Companies House. – The Times

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