<br />
INTELLIGENCE AND INSIGHT<br />
JUNE 2014 | ICAEW.COM/ECONOMIA ISSUE 28 | ACCOUNTANCY | FINANCE | BUSINESS<br />
LORD LIVINGSTON<br />
THERESA SPENCER<br />
ARTHUR BAILEY<br />
ROGER BOOTLE<br />
UK EXPORTS<br />
ACCOUNTANT<br />
ENTREPRENEURS<br />
SCOTTISH ECONOMY<br />
Bags to riches<br />
Julie Deane, founder of The Cambridge Satchel Company,<br />
started her business to help her children and created an unlikely<br />
global fashion icon in the process<br />
<br />
If these are still not<br />
the best of times, they<br />
are far from the worst.<br />
All indicators point to<br />
us being at the start of<br />
a sustained recovery.<br />
Yet there are warning<br />
signs on the horizon.<br />
The scars left by the deep recession and<br />
the continued cuts to public services have<br />
left many feeling resentful of and, in so<a title="Economia June 2014 page 1" href="http://viewer.zmags.com/publication/32b4c0a8?page=1"> INTELLIGENCE AND INSIGHT JUNE 2014 | I</a>
<a title="Economia June 2014 page 2" href="http://viewer.zmags.com/publication/32b4c0a8?page=2"> </a>
<a title="Economia June 2014 page 3" href="http://viewer.zmags.com/publication/32b4c0a8?page=3"> If these are still not the best of times, they ar</a>
<a title="Economia June 2014 page 4" href="http://viewer.zmags.com/publication/32b4c0a8?page=4"> </a>
<a title="Economia June 2014 page 5" href="http://viewer.zmags.com/publication/32b4c0a8?page=5"> </a>
<a title="Economia June 2014 page 6" href="http://viewer.zmags.com/publication/32b4c0a8?page=6"> THE BMW BUSINESS 5IF#.8&GשDJFOU%ZOBNJDT#VTJOFTT.P</a>
<a title="Economia June 2014 page 7" href="http://viewer.zmags.com/publication/32b4c0a8?page=7"> BMW Corporate Sales bmwcorporate.co.uk </a>
<a title="Economia June 2014 page 8" href="http://viewer.zmags.com/publication/32b4c0a8?page=8"> ICAEW in this issue </a>
<a title="Economia June 2014 page 9" href="http://viewer.zmags.com/publication/32b4c0a8?page=9"> COVER: FELICITY MCCABE There is more technical i</a>
<a title="Economia June 2014 page 10" href="http://viewer.zmags.com/publication/32b4c0a8?page=10"> EDITORIAL ADVISORY BOARD Arthur Bailey FCA (Chair</a>
<a title="Economia June 2014 page 11" href="http://viewer.zmags.com/publication/32b4c0a8?page=11"> REMARKABLE Last year our funding of £10m+ tra</a>
<a title="Economia June 2014 page 12" href="http://viewer.zmags.com/publication/32b4c0a8?page=12"> In review THE INTERNATIONAL PICTURE 18.4 $ </a>
<a title="Economia June 2014 page 13" href="http://viewer.zmags.com/publication/32b4c0a8?page=13"> THE AUDIT Alibaba is $20bn Othe</a>
<a title="Economia June 2014 page 14" href="http://viewer.zmags.com/publication/32b4c0a8?page=14"> THE AUDIT FIAT CHR</a>
<a title="Economia June 2014 page 15" href="http://viewer.zmags.com/publication/32b4c0a8?page=15"> The efficiency you need, and the performance you w</a>
<a title="Economia June 2014 page 16" href="http://viewer.zmags.com/publication/32b4c0a8?page=16"> </a>
<a title="Economia June 2014 page 17" href="http://viewer.zmags.com/publication/32b4c0a8?page=17"> THE AUDIT As I see it Theresa Spencer was recent</a>
<a title="Economia June 2014 page 18" href="http://viewer.zmags.com/publication/32b4c0a8?page=18"> THE AUDIT From the top B y th</a>
<a title="Economia June 2014 page 19" href="http://viewer.zmags.com/publication/32b4c0a8?page=19"> </a>
<a title="Economia June 2014 page 20" href="http://viewer.zmags.com/publication/32b4c0a8?page=20"> THE AUDIT ICAEW SIGNS SAUDI MOU ICAEW signed a </a>
<a title="Economia June 2014 page 21" href="http://viewer.zmags.com/publication/32b4c0a8?page=21"> PENSIONS AUTO ENROLMENT “WE NEED TO AUTO </a>
<a title="Economia June 2014 page 22" href="http://viewer.zmags.com/publication/32b4c0a8?page=22"> </a>
<a title="Economia June 2014 page 23" href="http://viewer.zmags.com/publication/32b4c0a8?page=23"> THE AUDIT Book reviews Richard Cree revi</a>
<a title="Economia June 2014 page 24" href="http://viewer.zmags.com/publication/32b4c0a8?page=24"> T here was no honeymoon </a>
<a title="Economia June 2014 page 25" href="http://viewer.zmags.com/publication/32b4c0a8?page=25"> THE AUDIT </a>
<a title="Economia June 2014 page 26" href="http://viewer.zmags.com/publication/32b4c0a8?page=26"> </a>
<a title="Economia June 2014 page 27" href="http://viewer.zmags.com/publication/32b4c0a8?page=27"> THE AUDIT The graph In our statistical portrait </a>
<a title="Economia June 2014 page 28" href="http://viewer.zmags.com/publication/32b4c0a8?page=28"> The cloud that hosts 1.5 million guests. It's La</a>
<a title="Economia June 2014 page 29" href="http://viewer.zmags.com/publication/32b4c0a8?page=29"> Productivity Platform Insights</a>
<a title="Economia June 2014 page 30" href="http://viewer.zmags.com/publication/32b4c0a8?page=30"> Michael Izza The USP of accountancy W </a>
<a title="Economia June 2014 page 31" href="http://viewer.zmags.com/publication/32b4c0a8?page=31"> OPINION TOP FIVE MOST READ STOR</a>
<a title="Economia June 2014 page 32" href="http://viewer.zmags.com/publication/32b4c0a8?page=32"> OPINION Jason Cowley Politics of the recovery W</a>
<a title="Economia June 2014 page 33" href="http://viewer.zmags.com/publication/32b4c0a8?page=33"> LENDER RATES Expected AER across all loans includ</a>
<a title="Economia June 2014 page 34" href="http://viewer.zmags.com/publication/32b4c0a8?page=34"> The University for World-Class Professionals Sta</a>
<a title="Economia June 2014 page 35" href="http://viewer.zmags.com/publication/32b4c0a8?page=35"> OPINION Cathy Newman Violent offences, and crimi</a>
<a title="Economia June 2014 page 36" href="http://viewer.zmags.com/publication/32b4c0a8?page=36"> PHOTOGRAPHY: FELICITY MCCABE</a>
<a title="Economia June 2014 page 37" href="http://viewer.zmags.com/publication/32b4c0a8?page=37"> COVER STORY JULIE DEANE School of science A sc</a>
<a title="Economia June 2014 page 38" href="http://viewer.zmags.com/publication/32b4c0a8?page=38"> JULIE DEANE IN A NUTSHELL Graduated with an hono</a>
<a title="Economia June 2014 page 39" href="http://viewer.zmags.com/publication/32b4c0a8?page=39"> our stock. It grew gradually and then we got a me</a>
<a title="Economia June 2014 page 40" href="http://viewer.zmags.com/publication/32b4c0a8?page=40"> TARGET PRACTICE The UK government sees exports as</a>
<a title="Economia June 2014 page 41" href="http://viewer.zmags.com/publication/32b4c0a8?page=41"> UK EXPORTS </a>
<a title="Economia June 2014 page 42" href="http://viewer.zmags.com/publication/32b4c0a8?page=42"> WHEN YOU GET CERTIFIED, YOU GET RECOGNIZED. THAT </a>
<a title="Economia June 2014 page 43" href="http://viewer.zmags.com/publication/32b4c0a8?page=43"> UK EXPORTS </a>
<a title="Economia June 2014 page 44" href="http://viewer.zmags.com/publication/32b4c0a8?page=44"> UK EXPORTS </a>
<a title="Economia June 2014 page 45" href="http://viewer.zmags.com/publication/32b4c0a8?page=45"> SWITCH TO GROWTH Three good reasons t</a>
<a title="Economia June 2014 page 46" href="http://viewer.zmags.com/publication/32b4c0a8?page=46"> Would leaving the EU harm UK exports? Y</a>
<a title="Economia June 2014 page 47" href="http://viewer.zmags.com/publication/32b4c0a8?page=47"> DEBATE YES Andy Bagnall </a>
<a title="Economia June 2014 page 48" href="http://viewer.zmags.com/publication/32b4c0a8?page=48"> Growing pains In the UK, farmers are facing hard </a>
<a title="Economia June 2014 page 49" href="http://viewer.zmags.com/publication/32b4c0a8?page=49"> SECTOR PROFILE AGRICULTURE Floods have caused</a>
<a title="Economia June 2014 page 50" href="http://viewer.zmags.com/publication/32b4c0a8?page=50"> areas to grow specific products and longer-term t</a>
<a title="Economia June 2014 page 51" href="http://viewer.zmags.com/publication/32b4c0a8?page=51"> SECTOR PROFILE AGRICULTURE </a>
<a title="Economia June 2014 page 52" href="http://viewer.zmags.com/publication/32b4c0a8?page=52"> FOLLOWING FUNDING DEMAND Finding finance for a fa</a>
<a title="Economia June 2014 page 53" href="http://viewer.zmags.com/publication/32b4c0a8?page=53"> ADVERTISEMENT FEATURE source </a>
<a title="Economia June 2014 page 54" href="http://viewer.zmags.com/publication/32b4c0a8?page=54"> BETTING ON BLUE Would splitting from En</a>
<a title="Economia June 2014 page 55" href="http://viewer.zmags.com/publication/32b4c0a8?page=55"> GETTY S cots are fond of a flutte</a>
<a title="Economia June 2014 page 56" href="http://viewer.zmags.com/publication/32b4c0a8?page=56"> SCOTLAND BY NUMBERS £4,500,000,000 Amount Scotla</a>
<a title="Economia June 2014 page 57" href="http://viewer.zmags.com/publication/32b4c0a8?page=57"> 21% of government revenue. A year later that shar</a>
<a title="Economia June 2014 page 58" href="http://viewer.zmags.com/publication/32b4c0a8?page=58"> 58 </a>
<a title="Economia June 2014 page 59" href="http://viewer.zmags.com/publication/32b4c0a8?page=59"> Tried, tested and trusted. Xenia Taliotis examine</a>
<a title="Economia June 2014 page 60" href="http://viewer.zmags.com/publication/32b4c0a8?page=60"> 1960s In the 1960s manufacturing accounted for </a>
<a title="Economia June 2014 page 61" href="http://viewer.zmags.com/publication/32b4c0a8?page=61"> ~ Zig Ziglar ~ Train your finance team and eve</a>
<a title="Economia June 2014 page 62" href="http://viewer.zmags.com/publication/32b4c0a8?page=62"> “There's been a lot of talk in the press about ho</a>
<a title="Economia June 2014 page 63" href="http://viewer.zmags.com/publication/32b4c0a8?page=63"> Auto enrolment: together we can ease the burden </a>
<a title="Economia June 2014 page 64" href="http://viewer.zmags.com/publication/32b4c0a8?page=64"> Richard Barrell </a>
<a title="Economia June 2014 page 65" href="http://viewer.zmags.com/publication/32b4c0a8?page=65"> ACCOUNTANT ENTREPRENEURS Adrian Dray Qu</a>
<a title="Economia June 2014 page 66" href="http://viewer.zmags.com/publication/32b4c0a8?page=66"> Left: the four founders of Quercus Corporate Fina</a>
<a title="Economia June 2014 page 67" href="http://viewer.zmags.com/publication/32b4c0a8?page=67"> ACCOUNTANT ENTREPRENEURS we want to succeed b</a>
<a title="Economia June 2014 page 68" href="http://viewer.zmags.com/publication/32b4c0a8?page=68"> IN IT TOGETHER 22 DAVID HATHERLY </a>
<a title="Economia June 2014 page 69" href="http://viewer.zmags.com/publication/32b4c0a8?page=69"> THE ECONOMIA ESSAY suppliers </a>
<a title="Economia June 2014 page 70" href="http://viewer.zmags.com/publication/32b4c0a8?page=70"> Talk to me Incoming ICAEW president Arthur Baile</a>
<a title="Economia June 2014 page 71" href="http://viewer.zmags.com/publication/32b4c0a8?page=71"> MEMBER PROFILE ARTHUR BAILEY A </a>
<a title="Economia June 2014 page 72" href="http://viewer.zmags.com/publication/32b4c0a8?page=72"> Find the perfect role in your area icaewjobs.co</a>
<a title="Economia June 2014 page 73" href="http://viewer.zmags.com/publication/32b4c0a8?page=73"> Technical The top five To the fore this month: i</a>
<a title="Economia June 2014 page 74" href="http://viewer.zmags.com/publication/32b4c0a8?page=74"> Key developments AUDIT AND ASSURANCE SRA</a>
<a title="Economia June 2014 page 75" href="http://viewer.zmags.com/publication/32b4c0a8?page=75"> TECHNICAL UPDATES most of the p</a>
<a title="Economia June 2014 page 76" href="http://viewer.zmags.com/publication/32b4c0a8?page=76"> Local matters Questions remain about how effe</a>
<a title="Economia June 2014 page 77" href="http://viewer.zmags.com/publication/32b4c0a8?page=77"> TECHNICAL AUDIT ILLUSTRATION: ARON VELLEKOOP LEO</a>
<a title="Economia June 2014 page 78" href="http://viewer.zmags.com/publication/32b4c0a8?page=78"> American rules Adoption of a US law into UK stat</a>
<a title="Economia June 2014 page 79" href="http://viewer.zmags.com/publication/32b4c0a8?page=79"> TECHNICAL FATCA “HMRC's </a>
<a title="Economia June 2014 page 80" href="http://viewer.zmags.com/publication/32b4c0a8?page=80"> Head space Remote working is ubiquitous in ma</a>
<a title="Economia June 2014 page 81" href="http://viewer.zmags.com/publication/32b4c0a8?page=81"> TECHNICAL PRACTICE MANAGEMENT A su</a>
<a title="Economia June 2014 page 82" href="http://viewer.zmags.com/publication/32b4c0a8?page=82"> My Accountant Friend: Putting the fun back Xenia</a>
<a title="Economia June 2014 page 83" href="http://viewer.zmags.com/publication/32b4c0a8?page=83"> TECHNICAL PRACTICE PROFILE </a>
<a title="Economia June 2014 page 84" href="http://viewer.zmags.com/publication/32b4c0a8?page=84"> Report listings These reports are summaries. Fur</a>
<a title="Economia June 2014 page 85" href="http://viewer.zmags.com/publication/32b4c0a8?page=85"> TECHNICAL DISCIPLINARIES on beha</a>
<a title="Economia June 2014 page 86" href="http://viewer.zmags.com/publication/32b4c0a8?page=86"> Life American road trip King of</a>
<a title="Economia June 2014 page 87" href="http://viewer.zmags.com/publication/32b4c0a8?page=87"> GALLERY STOCK economia JUNE 2014 </a>
<a title="Economia June 2014 page 88" href="http://viewer.zmags.com/publication/32b4c0a8?page=88"> T he Pacific Coast Highway</a>
<a title="Economia June 2014 page 89" href="http://viewer.zmags.com/publication/32b4c0a8?page=89"> Opposite: Palm trees in Santa Monica Above: Santa</a>
<a title="Economia June 2014 page 90" href="http://viewer.zmags.com/publication/32b4c0a8?page=90"> Big Sur begins at San Simeon. The scenery is </a>
<a title="Economia June 2014 page 91" href="http://viewer.zmags.com/publication/32b4c0a8?page=91"> all-American seaside town. The smell of candy flo</a>
<a title="Economia June 2014 page 92" href="http://viewer.zmags.com/publication/32b4c0a8?page=92"> Restaurants Jonesing for hot dogs and hash, bu</a>
<a title="Economia June 2014 page 93" href="http://viewer.zmags.com/publication/32b4c0a8?page=93"> VACANCIES Looking to influence the future of F</a>
<a title="Economia June 2014 page 94" href="http://viewer.zmags.com/publication/32b4c0a8?page=94"> RECRUITMENT E7<<3@A( </a>
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<a title="Economia June 2014 page 98" href="http://viewer.zmags.com/publication/32b4c0a8?page=98"> LIFE AFTER WORK </a>
<a title="Economia June 2014 page 99" href="http://viewer.zmags.com/publication/32b4c0a8?page=99"> Swiss movement, English heart </a>
<a title="Economia June 2014 page 100" href="http://viewer.zmags.com/publication/32b4c0a8?page=100"> What a bank should be Graham Moore, Rel</a>