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<br /> INTELLIGENCE AND INSIGHT<br /> JUNE 2015 | ICAEW.COM/ECONOMIA ISSUE 39 | ACCOUNTANCY | FINANCE | BUSINESS<br /> THE FUTURE OF THE EU<br /> FAMILY BUSINESS<br /> INSOLVENCY<br /> Peter's way<br /> Sailor, telecoms pioneer<br /> and philanthropist Sir Peter<br /> Harrison took a risk and<br /> then shared his success<br /> <br /> The UK election result<br /> has already had an<br /> impact on the rest of<br /> Europe. A referendum<br /> on the UK's place in<br /> the EU is coming, as is<br /> reform of the way its<br /> institutions operate.<br /> But now is not the time for the UK to turn<br /> away from Europe and to become insular<br /> or more introspective. Today, perhaps<br /> more than ever before, we face major<br /> global challenges on issues ranging from<br /> terrorism to poverty and global warming.<br /> These issues require big, global solutions<br /> and the UK has a vital rol<a title="Economia JUNE 15 page 1" href="http://viewer.zmags.com/publication/5f0a83ad?page=1"> INTELLIGENCE AND INSIGHT JUNE 2015 | I</a> <a title="Economia JUNE 15 page 2" href="http://viewer.zmags.com/publication/5f0a83ad?page=2"> </a> <a title="Economia JUNE 15 page 3" href="http://viewer.zmags.com/publication/5f0a83ad?page=3"> The UK election result has already had an impact </a> <a title="Economia JUNE 15 page 4" href="http://viewer.zmags.com/publication/5f0a83ad?page=4"> ICAEW in this issue 6 </a> <a title="Economia JUNE 15 page 5" href="http://viewer.zmags.com/publication/5f0a83ad?page=5"> 32 PHOTOGRAPHY: JULIAN ANDERSON There is more te</a> <a title="Economia JUNE 15 page 6" href="http://viewer.zmags.com/publication/5f0a83ad?page=6"> EDITORIAL ADVISORY BOARD Arthur Bailey FCA, (ch</a> <a title="Economia JUNE 15 page 7" href="http://viewer.zmags.com/publication/5f0a83ad?page=7"> WELCOME TO THE Internet of Everything Every </a> <a title="Economia JUNE 15 page 8" href="http://viewer.zmags.com/publication/5f0a83ad?page=8"> In review THE INTERNATIONAL PICTURE 30 </a> <a title="Economia JUNE 15 page 9" href="http://viewer.zmags.com/publication/5f0a83ad?page=9"> THE AUDIT UK ACCOUNTANTS' </a> <a title="Economia JUNE 15 page 10" href="http://viewer.zmags.com/publication/5f0a83ad?page=10"> THE AUDIT BANK OF ITALY </a> <a title="Economia JUNE 15 page 11" href="http://viewer.zmags.com/publication/5f0a83ad?page=11"> Helping you find YOUR OWN PATH through the comple</a> <a title="Economia JUNE 15 page 12" href="http://viewer.zmags.com/publication/5f0a83ad?page=12"> </a> <a title="Economia JUNE 15 page 13" href="http://viewer.zmags.com/publication/5f0a83ad?page=13"> THE AUDIT As I see it Michael Parsons is a Bitco</a> <a title="Economia JUNE 15 page 14" href="http://viewer.zmags.com/publication/5f0a83ad?page=14"> THE AUDIT From the top B </a> <a title="Economia JUNE 15 page 15" href="http://viewer.zmags.com/publication/5f0a83ad?page=15"> </a> <a title="Economia JUNE 15 page 16" href="http://viewer.zmags.com/publication/5f0a83ad?page=16"> The graph How the general election turned out by </a> <a title="Economia JUNE 15 page 17" href="http://viewer.zmags.com/publication/5f0a83ad?page=17"> THE AUDIT </a> <a title="Economia JUNE 15 page 18" href="http://viewer.zmags.com/publication/5f0a83ad?page=18"> FOCUS ON EXPORTS AND AN EU DECISION, SAYS IZZA Gr</a> <a title="Economia JUNE 15 page 19" href="http://viewer.zmags.com/publication/5f0a83ad?page=19"> THE AUDIT Career clinic Audit tendering on</a> <a title="Economia JUNE 15 page 20" href="http://viewer.zmags.com/publication/5f0a83ad?page=20"> THE AUDIT Book review Amy Duff looks at Jo</a> <a title="Economia JUNE 15 page 21" href="http://viewer.zmags.com/publication/5f0a83ad?page=21"> </a> <a title="Economia JUNE 15 page 22" href="http://viewer.zmags.com/publication/5f0a83ad?page=22"> 22 </a> <a title="Economia JUNE 15 page 23" href="http://viewer.zmags.com/publication/5f0a83ad?page=23"> THE AUDIT I was the first person ever </a> <a title="Economia JUNE 15 page 24" href="http://viewer.zmags.com/publication/5f0a83ad?page=24"> Michael Izza “Taxation is a subject at the top o</a> <a title="Economia JUNE 15 page 25" href="http://viewer.zmags.com/publication/5f0a83ad?page=25"> OPINION twitter.com/economiamag · face</a> <a title="Economia JUNE 15 page 26" href="http://viewer.zmags.com/publication/5f0a83ad?page=26"> DEPENDABLE Our super experienced team have wo</a> <a title="Economia JUNE 15 page 27" href="http://viewer.zmags.com/publication/5f0a83ad?page=27"> OPINION Jason Cowley “What mattered more to</a> <a title="Economia JUNE 15 page 28" href="http://viewer.zmags.com/publication/5f0a83ad?page=28"> OPINION Philippe Legrain “Germany's powerfu</a> <a title="Economia JUNE 15 page 29" href="http://viewer.zmags.com/publication/5f0a83ad?page=29"> OPINION Stephen Platt “An aversion to ident</a> <a title="Economia JUNE 15 page 30" href="http://viewer.zmags.com/publication/5f0a83ad?page=30"> OPINION Sarah Wicks “Short-term profit does</a> <a title="Economia JUNE 15 page 31" href="http://viewer.zmags.com/publication/5f0a83ad?page=31"> FOLLOW OUR LINE OF THINKING Tolley®Knowledge Par</a> <a title="Economia JUNE 15 page 32" href="http://viewer.zmags.com/publication/5f0a83ad?page=32"> 32</a> <a title="Economia JUNE 15 page 33" href="http://viewer.zmags.com/publication/5f0a83ad?page=33"> PETER'S PRINCIPLE After he sold the business tha</a> <a title="Economia JUNE 15 page 34" href="http://viewer.zmags.com/publication/5f0a83ad?page=34"> “I felt the family did not necessarily need all t</a> <a title="Economia JUNE 15 page 35" href="http://viewer.zmags.com/publication/5f0a83ad?page=35"> COVER STORY SIR PETER HARRISON was th</a> <a title="Economia JUNE 15 page 36" href="http://viewer.zmags.com/publication/5f0a83ad?page=36"> 6 Creating and launching a</a> <a title="Economia JUNE 15 page 37" href="http://viewer.zmags.com/publication/5f0a83ad?page=37"> INVESTMENT RAISED BY SOUL TREE IN THREE MONTHS: </a> <a title="Economia JUNE 15 page 38" href="http://viewer.zmags.com/publication/5f0a83ad?page=38"> 6 it. We saw ourselves as more than a producti</a> <a title="Economia JUNE 15 page 39" href="http://viewer.zmags.com/publication/5f0a83ad?page=39"> creating a consumer brand and needed ambassadors </a> <a title="Economia JUNE 15 page 40" href="http://viewer.zmags.com/publication/5f0a83ad?page=40"> Taking the chair The qualities needed to be a su</a> <a title="Economia JUNE 15 page 41" href="http://viewer.zmags.com/publication/5f0a83ad?page=41"> Name: Irena Georgiadou Chairwoman, Hellenic Bank,</a> <a title="Economia JUNE 15 page 42" href="http://viewer.zmags.com/publication/5f0a83ad?page=42"> CFO TO CHAIRMAN “Corporate governance is a</a> <a title="Economia JUNE 15 page 43" href="http://viewer.zmags.com/publication/5f0a83ad?page=43"> POWERFUL FOR YOU SIMPLE FOR YOUR CLIENTS $ZDUGZLQ</a> <a title="Economia JUNE 15 page 44" href="http://viewer.zmags.com/publication/5f0a83ad?page=44"> understand what it is like being a FTSE 100 CEO u</a> <a title="Economia JUNE 15 page 45" href="http://viewer.zmags.com/publication/5f0a83ad?page=45"> Name: Jeremy Newman Chairman, Single Source Regul</a> <a title="Economia JUNE 15 page 46" href="http://viewer.zmags.com/publication/5f0a83ad?page=46"> Does the UK voting system need an increased sense</a> <a title="Economia JUNE 15 page 47" href="http://viewer.zmags.com/publication/5f0a83ad?page=47"> DEBATE YES Nick Tyrone </a> <a title="Economia JUNE 15 page 48" href="http://viewer.zmags.com/publication/5f0a83ad?page=48"> United we stand? Nick Martindale asks a panel of </a> <a title="Economia JUNE 15 page 49" href="http://viewer.zmags.com/publication/5f0a83ad?page=49"> ROBERT ACKRILL Professor of European economics an</a> <a title="Economia JUNE 15 page 50" href="http://viewer.zmags.com/publication/5f0a83ad?page=50"> EUROPEAN UNITY KAI PETERS Chief executive</a> <a title="Economia JUNE 15 page 51" href="http://viewer.zmags.com/publication/5f0a83ad?page=51"> REGISTER FOR A 2015 SEPTEMBER CISA OR CISM ISACA </a> <a title="Economia JUNE 15 page 52" href="http://viewer.zmags.com/publication/5f0a83ad?page=52"> EUROPEAN UNITY STEPHEN HYDE Professor in</a> <a title="Economia JUNE 15 page 53" href="http://viewer.zmags.com/publication/5f0a83ad?page=53"> news and views. economia online has all the news </a> <a title="Economia JUNE 15 page 54" href="http://viewer.zmags.com/publication/5f0a83ad?page=54"> 54 </a> <a title="Economia JUNE 15 page 55" href="http://viewer.zmags.com/publication/5f0a83ad?page=55"> FAMILY BUSINESSES In 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