<br />
INTELLIGENCE AND INSIGHT FOR ICAEW MEMBERS<br />
ISSUE 6 | JULY 2012 ICAEW.COM/ECONOMIA<br />
JULY 2012<br />
CHUKA CAN<br />
HOW SHADOW BUSINESS SECRETARY CHUKA UMUNNA PLANS<br />
TO GET AN ACTIVE GOVERNMENT WORKING WITH INDUSTRY<br />
OLYMPIC FINANCES | MANAGING GROWTH | IFRS UPDATE | AUDIT REGISTRATION<br />
<br />
It's time for a new deal between<br />
business and government<br />
Former US president Ronald Reagan once<br />
made a quip about the role of government<br />
in business. He claimed the scariest words<br />
in the English language were: “I'm from the<br />
government and I'm here to help”.<br />
But in the light of the current economic<br />
turmoil it's high time we all recognised the<br />
relationship as more subtle and nuanced.<br />
Interactions between business and<br />
government have been awkward for too<br />
long. Politicians rely too heavily on b<a title="economia_July page 1" href="http://viewer.zmags.com/publication/1c6642e2?page=1"> INTELLIGENCE AND INSIGHT FOR ICAEW MEMBERS </a>
<a title="economia_July page 2" href="http://viewer.zmags.com/publication/1c6642e2?page=2"> </a>
<a title="economia_July page 3" href="http://viewer.zmags.com/publication/1c6642e2?page=3"> It's time for a new deal between busine</a>
<a title="economia_July page 4" href="http://viewer.zmags.com/publication/1c6642e2?page=4"> </a>
<a title="economia_July page 5" href="http://viewer.zmags.com/publication/1c6642e2?page=5"> ECONOMIA Contents July 2012 CHARLIE BEST T</a>
<a title="economia_July page 6" href="http://viewer.zmags.com/publication/1c6642e2?page=6"> ECONOMIA Contributors EDITORIAL ADVISORY </a>
<a title="economia_July page 7" href="http://viewer.zmags.com/publication/1c6642e2?page=7"> ECONOMIA GETTY IMAGES economia online icaew.c</a>
<a title="economia_July page 8" href="http://viewer.zmags.com/publication/1c6642e2?page=8"> In review The stories that matter most from the m</a>
<a title="economia_July page 9" href="http://viewer.zmags.com/publication/1c6642e2?page=9"> THE AUDIT 9bn Projected number </a>
<a title="economia_July page 10" href="http://viewer.zmags.com/publication/1c6642e2?page=10"> Good news bad news Martin Lewis, the hig</a>
<a title="economia_July page 11" href="http://viewer.zmags.com/publication/1c6642e2?page=11"> THE AUDIT Talking point H would Adrian Bee</a>
<a title="economia_July page 12" href="http://viewer.zmags.com/publication/1c6642e2?page=12"> THE AUDIT The graph Euro bailout</a>
<a title="economia_July page 13" href="http://viewer.zmags.com/publication/1c6642e2?page=13"> THE AUDIT If I ruled the world Every month </a>
<a title="economia_July page 14" href="http://viewer.zmags.com/publication/1c6642e2?page=14"> THE AUDIT EVENTS TO LOOK OUT FOR LEGAL SERVICES B</a>
<a title="economia_July page 15" href="http://viewer.zmags.com/publication/1c6642e2?page=15"> CUT YOUR COST OF COPY, PRINT AND SUPPLIES BY 30% </a>
<a title="economia_July page 16" href="http://viewer.zmags.com/publication/1c6642e2?page=16"> THE AUDIT Good business In an e ort to inspire b</a>
<a title="economia_July page 17" href="http://viewer.zmags.com/publication/1c6642e2?page=17"> THE AUDIT As I see it Cr</a>
<a title="economia_July page 18" href="http://viewer.zmags.com/publication/1c6642e2?page=18"> Tales from the front line Real stories from th</a>
<a title="economia_July page 19" href="http://viewer.zmags.com/publication/1c6642e2?page=19"> THE AUDIT If I'm bad at anything it's being able </a>
<a title="economia_July page 20" href="http://viewer.zmags.com/publication/1c6642e2?page=20"> Michael Michael Izza U-turn on consultation PORT</a>
<a title="economia_July page 21" href="http://viewer.zmags.com/publication/1c6642e2?page=21"> OPINION Email: economia@icaew.com twitter.com/eco</a>
<a title="economia_July page 22" href="http://viewer.zmags.com/publication/1c6642e2?page=22"> Cathy Newman Royal flush, cheap booze and house r</a>
<a title="economia_July page 23" href="http://viewer.zmags.com/publication/1c6642e2?page=23"> OPINION Jason Cowley It's when, not if, for a Eur</a>
<a title="economia_July page 24" href="http://viewer.zmags.com/publication/1c6642e2?page=24"> Nouriel Roubini A united Europe is the key to glo</a>
<a title="economia_July page 25" href="http://viewer.zmags.com/publication/1c6642e2?page=25"> The UK's fastest growing funding solution Invoic</a>
<a title="economia_July page 26" href="http://viewer.zmags.com/publication/1c6642e2?page=26"> Norman Lamb Employee ownership and growth G </a>
<a title="economia_July page 27" href="http://viewer.zmags.com/publication/1c6642e2?page=27"> OPINION Letter from America Facebook. What's not </a>
<a title="economia_July page 28" href="http://viewer.zmags.com/publication/1c6642e2?page=28"> 28 10 KEY COUNTRIES FOR ACCOUNTING A C</a>
<a title="economia_July page 29" href="http://viewer.zmags.com/publication/1c6642e2?page=29"> INTERNATIONAL engineering, biomed</a>
<a title="economia_July page 30" href="http://viewer.zmags.com/publication/1c6642e2?page=30"> INTERNATIONAL Mauritius “With its warm an</a>
<a title="economia_July page 31" href="http://viewer.zmags.com/publication/1c6642e2?page=31"> qu_lific_ _ions We can fill the skills gap in you</a>
<a title="economia_July page 32" href="http://viewer.zmags.com/publication/1c6642e2?page=32"> Penelope Rance UAE Unite</a>
<a title="economia_July page 33" href="http://viewer.zmags.com/publication/1c6642e2?page=33"> AROUND THE WORLD IWAN BAAN GOVERNMENT Voting ri</a>
<a title="economia_July page 34" href="http://viewer.zmags.com/publication/1c6642e2?page=34"> CHARLIE BEST 34 </a>
<a title="economia_July page 35" href="http://viewer.zmags.com/publication/1c6642e2?page=35"> PROFILE HE'S HERE TO HELP When Harold Wilson</a>
<a title="economia_July page 36" href="http://viewer.zmags.com/publication/1c6642e2?page=36"> centre of the broad church that is the Labour Par</a>
<a title="economia_July page 37" href="http://viewer.zmags.com/publication/1c6642e2?page=37"> PROFILE ASSOCIATED PRESS, REX RDAs and replacin</a>
<a title="economia_July page 38" href="http://viewer.zmags.com/publication/1c6642e2?page=38"> THE INTELLIGENT ENTERPRISE SERIES • SUPPORTED BY </a>
<a title="economia_July page 39" href="http://viewer.zmags.com/publication/1c6642e2?page=39"> OLYMPICS A SPORTING CHANCE </a>
<a title="economia_July page 40" href="http://viewer.zmags.com/publication/1c6642e2?page=40"> THE DEVELOPERS Sir John Armitt Chairman, ODA “T</a>
<a title="economia_July page 41" href="http://viewer.zmags.com/publication/1c6642e2?page=41"> OLYMPICS HOW OLYMPIC FUNDING WORKS A lot has been</a>
<a title="economia_July page 42" href="http://viewer.zmags.com/publication/1c6642e2?page=42"> THE SPORTS LOBBY Andy Sutch Executive director, </a>
<a title="economia_July page 43" href="http://viewer.zmags.com/publication/1c6642e2?page=43"> OLYMPICS THE LEGACY ARCHITECTS Rosann</a>
<a title="economia_July page 44" href="http://viewer.zmags.com/publication/1c6642e2?page=44"> OLYMPICS HOW OLYMPIC FUNDING WORKS The Greater</a>
<a title="economia_July page 45" href="http://viewer.zmags.com/publication/1c6642e2?page=45"> compliance, so you can take care of business IRI</a>
<a title="economia_July page 46" href="http://viewer.zmags.com/publication/1c6642e2?page=46"> </a>
<a title="economia_July page 47" href="http://viewer.zmags.com/publication/1c6642e2?page=47"> GROWTH SUPPORTING MEDIUM-SIZED </a>
<a title="economia_July page 48" href="http://viewer.zmags.com/publication/1c6642e2?page=48"> can no longer continue to lead to the person who </a>
<a title="economia_July page 49" href="http://viewer.zmags.com/publication/1c6642e2?page=49"> GROWTH RICHARD ANSETT “A lot of the people I de</a>
<a title="economia_July page 50" href="http://viewer.zmags.com/publication/1c6642e2?page=50"> “We used to have five board meetings a week, but </a>
<a title="economia_July page 51" href="http://viewer.zmags.com/publication/1c6642e2?page=51"> GROWTH CASE STUDY FES International L ike man</a>
<a title="economia_July page 52" href="http://viewer.zmags.com/publication/1c6642e2?page=52"> Universal international reporting standards hav</a>
<a title="economia_July page 53" href="http://viewer.zmags.com/publication/1c6642e2?page=53"> FINANCIAL REPORTING RUI RICARDO economia JULY 2</a>
<a title="economia_July page 54" href="http://viewer.zmags.com/publication/1c6642e2?page=54"> The most ticklish subject is that of </a>
<a title="economia_July page 55" href="http://viewer.zmags.com/publication/1c6642e2?page=55"> FINANCIAL REPORTING </a>
<a title="economia_July page 56" href="http://viewer.zmags.com/publication/1c6642e2?page=56"> Are the richest 1% of society </a>
<a title="economia_July page 57" href="http://viewer.zmags.com/publication/1c6642e2?page=57"> TAX POLICY REX economia JULY 2012 </a>
<a title="economia_July page 58" href="http://viewer.zmags.com/publication/1c6642e2?page=58"> full quarter of Britain's total income tax burden</a>
<a title="economia_July page 59" href="http://viewer.zmags.com/publication/1c6642e2?page=59"> TAX POLICY KOBAL rich – slows the economy has e</a>
<a title="economia_July page 60" href="http://viewer.zmags.com/publication/1c6642e2?page=60"> 60 </a>
<a title="economia_July page 61" href="http://viewer.zmags.com/publication/1c6642e2?page=61"> SUCCESSION PLANNING LONG LIVE THE KING Failure </a>
<a title="economia_July page 62" href="http://viewer.zmags.com/publication/1c6642e2?page=62"> to take over the business. They may already work </a>
<a title="economia_July page 63" href="http://viewer.zmags.com/publication/1c6642e2?page=63"> SUCCESSION PLANNING employees] are k</a>
<a title="economia_July page 64" href="http://viewer.zmags.com/publication/1c6642e2?page=64"> PLEASURE BUSINESS Keep it simple. Confuse and los</a>
<a title="economia_July page 65" href="http://viewer.zmags.com/publication/1c6642e2?page=65"> PROFILE </a>
<a title="economia_July page 66" href="http://viewer.zmags.com/publication/1c6642e2?page=66"> FIND A CHARTERED ACCOUNTANT Your new ICAEW firms </a>
<a title="economia_July page 67" href="http://viewer.zmags.com/publication/1c6642e2?page=67"> BRIEFING Briefing Integrity, audit transparency</a>
<a title="economia_July page 68" href="http://viewer.zmags.com/publication/1c6642e2?page=68"> NEWS Updates ADR FOR SMEs ON TAX DISPUTE</a>
<a title="economia_July page 69" href="http://viewer.zmags.com/publication/1c6642e2?page=69"> BRIEFING amount for which a charity </a>
<a title="economia_July page 70" href="http://viewer.zmags.com/publication/1c6642e2?page=70"> AUDIT When audit doesn</a>
<a title="economia_July page 71" href="http://viewer.zmags.com/publication/1c6642e2?page=71"> BRIEFING should be applied. But work</a>
<a title="economia_July page 72" href="http://viewer.zmags.com/publication/1c6642e2?page=72"> LEGAL SERVICES A viable alternative The grou</a>
<a title="economia_July page 73" href="http://viewer.zmags.com/publication/1c6642e2?page=73"> BRIEFING </a>
<a title="economia_July page 74" href="http://viewer.zmags.com/publication/1c6642e2?page=74"> SELF REGULATION Watching the watchdogs In a t</a>
<a title="economia_July page 75" href="http://viewer.zmags.com/publication/1c6642e2?page=75"> BRIEFING the directive: in several c</a>
<a title="economia_July page 76" href="http://viewer.zmags.com/publication/1c6642e2?page=76"> DISCIPLINARIES Ignored letters and ethical brea</a>
<a title="economia_July page 77" href="http://viewer.zmags.com/publication/1c6642e2?page=77"> BRIEFING Report listings The reports that fol</a>
<a title="economia_July page 78" href="http://viewer.zmags.com/publication/1c6642e2?page=78"> ICAEW Use your faculties Membership of one</a>
<a title="economia_July page 79" href="http://viewer.zmags.com/publication/1c6642e2?page=79"> FACULTIES SPECIAL OFFER DISCOUNTED MEMBERSHI</a>
<a title="economia_July page 80" href="http://viewer.zmags.com/publication/1c6642e2?page=80"> LEADERSHIP </a>
<a title="economia_July page 81" href="http://viewer.zmags.com/publication/1c6642e2?page=81"> Life “Industry is a better horse to ride than gen</a>
<a title="economia_July page 82" href="http://viewer.zmags.com/publication/1c6642e2?page=82"> SUBMARINE SURPRISES Ask an accountant what their </a>
<a title="economia_July page 83" href="http://viewer.zmags.com/publication/1c6642e2?page=83"> CORBIS Divers exploring inside the holds of the </a>
<a title="economia_July page 84" href="http://viewer.zmags.com/publication/1c6642e2?page=84"> HOLD YOUR HORSES Not just a status symbol, a rac</a>
<a title="economia_July page 85" href="http://viewer.zmags.com/publication/1c6642e2?page=85"> LIFE IMPROVING YOUR ODDS stud, </a>
<a title="economia_July page 86" href="http://viewer.zmags.com/publication/1c6642e2?page=86"> LIFE FAST FOOD We grab a quick bite in the</a>
<a title="economia_July page 87" href="http://viewer.zmags.com/publication/1c6642e2?page=87"> LIFE SIX OF THE BEST PICNIC HAMPERS If the</a>
<a title="economia_July page 88" href="http://viewer.zmags.com/publication/1c6642e2?page=88"> LIFE FIGHTING FIT If you're looking for a </a>
<a title="economia_July page 89" href="http://viewer.zmags.com/publication/1c6642e2?page=89"> online INTELLIGENCE AND INSIGHT FOR ICAEW MEMBERS</a>
<a title="economia_July page 90" href="http://viewer.zmags.com/publication/1c6642e2?page=90"> ACCOUNTANCY AND FINANCE JOBS Whether you're acti</a>
<a title="economia_July page 91" href="http://viewer.zmags.com/publication/1c6642e2?page=91"> RECRUITMENT Recruitment To advertise yo</a>
<a title="economia_July page 92" href="http://viewer.zmags.com/publication/1c6642e2?page=92"> wins the award for Recruit</a>
<a title="economia_July page 93" href="http://viewer.zmags.com/publication/1c6642e2?page=93"> RECRUITMENT Private Equity Cleant</a>
<a title="economia_July page 94" href="http://viewer.zmags.com/publication/1c6642e2?page=94"> WE'RE WORKING WITH MARKET LEADERS YOU CAN TOO PA</a>
<a title="economia_July page 95" href="http://viewer.zmags.com/publication/1c6642e2?page=95"> BUSINESS DIRECTORY Business directory To </a>
<a title="economia_July page 96" href="http://viewer.zmags.com/publication/1c6642e2?page=96"> Mergers & Acquisitions Sales Mergers Acquisi</a>
<a title="economia_July page 97" href="http://viewer.zmags.com/publication/1c6642e2?page=97"> BUSINESS DIRECTORY Outsourcing NO NEED TO STRES</a>
<a title="economia_July page 98" href="http://viewer.zmags.com/publication/1c6642e2?page=98"> LIFE RICHARD ANSETT LIFE AFTER WORK ON A MISSIO</a>
<a title="economia_July page 99" href="http://viewer.zmags.com/publication/1c6642e2?page=99"> UNWRAP YOUR MEMBER REWARDS Enjoy money off and s</a>
<a title="economia_July page 100" href="http://viewer.zmags.com/publication/1c6642e2?page=100"> </a>