<br />
INTELLIGENCE AND INSIGHT<br />
DECEMBER 2014 | ICAEW.COM/ECONOMIA ISSUE 33 | ACCOUNTANCY | FINANCE | BUSINESS<br />
ANDREW BAIGENT URBAN ECONOMY RACHAEL CUNNINGHAM SUCCESSION PLANNING<br />
<br />
When he took office<br />
David Cameron<br />
pledged not to “bang<br />
on about Europe”.<br />
He hasn't succeeded<br />
and the debate on the<br />
UK's place in Europe<br />
is fiercer than ever.<br />
It is at its most febrile since the early 1990s,<br />
when debates raged over the Maastricht<br />
Treaty, the formation of the single currency<br />
and the creation of the European Union.<br />
This most recent wave of hostility towards<br />
the “European project” is driven partly by<br />
austerity and partly by the breakdown in<br />
public trust for large institutions, itself<br />
caused by the financial crisis. At a time of<br />
economic hardship, the cost of running<br />
what is seen as an elite club for<a title="Economia DECEMBER 14 page 1" href="http://viewer.zmags.com/publication/72edb168?page=1"> INTELLIGENCE AND INSIGHT DECEMBER 2014 </a>
<a title="Economia DECEMBER 14 page 2" href="http://viewer.zmags.com/publication/72edb168?page=2"> </a>
<a title="Economia DECEMBER 14 page 3" href="http://viewer.zmags.com/publication/72edb168?page=3"> When he took office David Cameron pledged not to </a>
<a title="Economia DECEMBER 14 page 4" href="http://viewer.zmags.com/publication/72edb168?page=4"> ICAEW in this issue </a>
<a title="Economia DECEMBER 14 page 5" href="http://viewer.zmags.com/publication/72edb168?page=5"> COVER: THOMAS BURDEN There is more technical ins</a>
<a title="Economia DECEMBER 14 page 6" href="http://viewer.zmags.com/publication/72edb168?page=6"> EDITORIAL ADVISORY BOARD Arthur Bailey FCA, (Ch</a>
<a title="Economia DECEMBER 14 page 7" href="http://viewer.zmags.com/publication/72edb168?page=7"> </a>
<a title="Economia DECEMBER 14 page 8" href="http://viewer.zmags.com/publication/72edb168?page=8"> In review THE INTERNATIONAL PICTURE 128 $ </a>
<a title="Economia DECEMBER 14 page 9" href="http://viewer.zmags.com/publication/72edb168?page=9"> “I mustn't equate my own angst about the mansion </a>
<a title="Economia DECEMBER 14 page 10" href="http://viewer.zmags.com/publication/72edb168?page=10"> As the UK economy strengthens, asset finance offer</a>
<a title="Economia DECEMBER 14 page 11" href="http://viewer.zmags.com/publication/72edb168?page=11"> THE AUDIT SOLE PRACTICE LICENSED FOR PROBATE Hop</a>
<a title="Economia DECEMBER 14 page 12" href="http://viewer.zmags.com/publication/72edb168?page=12"> THE AUDIT As I see it Sara White is finance dire</a>
<a title="Economia DECEMBER 14 page 13" href="http://viewer.zmags.com/publication/72edb168?page=13"> Think professional indemnity. We are the exclusiv</a>
<a title="Economia DECEMBER 14 page 14" href="http://viewer.zmags.com/publication/72edb168?page=14"> REMARKABLE Last year our funding of £10m+ tra</a>
<a title="Economia DECEMBER 14 page 15" href="http://viewer.zmags.com/publication/72edb168?page=15"> THE AUDIT From the top W </a>
<a title="Economia DECEMBER 14 page 16" href="http://viewer.zmags.com/publication/72edb168?page=16"> THE AUDIT Good m</a>
<a title="Economia DECEMBER 14 page 17" href="http://viewer.zmags.com/publication/72edb168?page=17"> </a>
<a title="Economia DECEMBER 14 page 18" href="http://viewer.zmags.com/publication/72edb168?page=18"> Beautiful accounting software </a>
<a title="Economia DECEMBER 14 page 19" href="http://viewer.zmags.com/publication/72edb168?page=19"> THE AUDIT The graph In our statistical portrait </a>
<a title="Economia DECEMBER 14 page 20" href="http://viewer.zmags.com/publication/72edb168?page=20"> The cloud that is helping cure cancer. Research</a>
<a title="Economia DECEMBER 14 page 21" href="http://viewer.zmags.com/publication/72edb168?page=21"> THE AUDIT Book review Amy Duff finds out w</a>
<a title="Economia DECEMBER 14 page 22" href="http://viewer.zmags.com/publication/72edb168?page=22"> 22 </a>
<a title="Economia DECEMBER 14 page 23" href="http://viewer.zmags.com/publication/72edb168?page=23"> THE AUDIT T he job of senior</a>
<a title="Economia DECEMBER 14 page 24" href="http://viewer.zmags.com/publication/72edb168?page=24"> Michael Izza “Our commitment to wider access to t</a>
<a title="Economia DECEMBER 14 page 25" href="http://viewer.zmags.com/publication/72edb168?page=25"> OPINION twitter.com/economiamag • facebo</a>
<a title="Economia DECEMBER 14 page 26" href="http://viewer.zmags.com/publication/72edb168?page=26"> OPINION Jason Cowley “Labour can win next M</a>
<a title="Economia DECEMBER 14 page 27" href="http://viewer.zmags.com/publication/72edb168?page=27"> Does your company look after its most important a</a>
<a title="Economia DECEMBER 14 page 28" href="http://viewer.zmags.com/publication/72edb168?page=28"> Wayne Swan “Combating inequality is essential to</a>
<a title="Economia DECEMBER 14 page 29" href="http://viewer.zmags.com/publication/72edb168?page=29"> OPINION Cathy Newman “It's worth pointing o</a>
<a title="Economia DECEMBER 14 page 30" href="http://viewer.zmags.com/publication/72edb168?page=30"> OPINION Alex Chisholm “Competition complian</a>
<a title="Economia DECEMBER 14 page 31" href="http://viewer.zmags.com/publication/72edb168?page=31"> OUR LINE UP IS UNEQUALLED RATED TOP </a>
<a title="Economia DECEMBER 14 page 32" href="http://viewer.zmags.com/publication/72edb168?page=32"> In good HEALTH Andrew Baigent, director of finan</a>
<a title="Economia DECEMBER 14 page 33" href="http://viewer.zmags.com/publication/72edb168?page=33"> PROFILE ANDREW BAIGENT PHOTOGRAPHY: JOSEPH FORD </a>
<a title="Economia DECEMBER 14 page 34" href="http://viewer.zmags.com/publication/72edb168?page=34"> responsibility is so huge. His department alone h</a>
<a title="Economia DECEMBER 14 page 35" href="http://viewer.zmags.com/publication/72edb168?page=35"> 4BN CAPITAL BUDGET (£) 2013/14 has changed i</a>
<a title="Economia DECEMBER 14 page 36" href="http://viewer.zmags.com/publication/72edb168?page=36"> Are you a trained accountant – or born that way? </a>
<a title="Economia DECEMBER 14 page 37" href="http://viewer.zmags.com/publication/72edb168?page=37"> A n Australian newspaper once d</a>
<a title="Economia DECEMBER 14 page 38" href="http://viewer.zmags.com/publication/72edb168?page=38"> them than we might think – if we can be bothered </a>
<a title="Economia DECEMBER 14 page 39" href="http://viewer.zmags.com/publication/72edb168?page=39"> MENTAL ABILITY MAKING A TOUGH DECISION MIG</a>
<a title="Economia DECEMBER 14 page 40" href="http://viewer.zmags.com/publication/72edb168?page=40"> PREDICTIONS FOR 2015 Six economists share their t</a>
<a title="Economia DECEMBER 14 page 41" href="http://viewer.zmags.com/publication/72edb168?page=41"> SPONSORED FEATURE slowdown </a>
<a title="Economia DECEMBER 14 page 42" href="http://viewer.zmags.com/publication/72edb168?page=42"> Can the retail sector be the main driver of UK ec</a>
<a title="Economia DECEMBER 14 page 43" href="http://viewer.zmags.com/publication/72edb168?page=43"> DEBATE YES David McCorquodale </a>
<a title="Economia DECEMBER 14 page 44" href="http://viewer.zmags.com/publication/72edb168?page=44"> Mega-cities are powerful metropolises with larger</a>
<a title="Economia DECEMBER 14 page 45" href="http://viewer.zmags.com/publication/72edb168?page=45"> T he rise of citi</a>
<a title="Economia DECEMBER 14 page 46" href="http://viewer.zmags.com/publication/72edb168?page=46"> settlements or shanty towns grow more rapidly tha</a>
<a title="Economia DECEMBER 14 page 47" href="http://viewer.zmags.com/publication/72edb168?page=47"> says, arguing what is really needed is a change o</a>
<a title="Economia DECEMBER 14 page 48" href="http://viewer.zmags.com/publication/72edb168?page=48"> news and views. economia online has all the news </a>
<a title="Economia DECEMBER 14 page 49" href="http://viewer.zmags.com/publication/72edb168?page=49"> We asked a panel of experts to find the brig</a>
<a title="Economia DECEMBER 14 page 50" href="http://viewer.zmags.com/publication/72edb168?page=50"> JACK DORSEY, CHIEF EXECUTIVE OFFICER, SQUARE At 1</a>
<a title="Economia DECEMBER 14 page 51" href="http://viewer.zmags.com/publication/72edb168?page=51"> 19 THE JUDGING PANEL TURE FINANCE 50 </a>
<a title="Economia DECEMBER 14 page 52" href="http://viewer.zmags.com/publication/72edb168?page=52"> CARRYN MCLAUGHLIN, VICE PRESIDENT, JPMORGAN CHASE</a>
<a title="Economia DECEMBER 14 page 53" href="http://viewer.zmags.com/publication/72edb168?page=53"> BEN BROADBENT, DEPUTY GOVERNOR OF MONETARY P</a>
<a title="Economia DECEMBER 14 page 54" href="http://viewer.zmags.com/publication/72edb168?page=54"> JACK MA, FOUNDER AND EXECUTIVE CHAIRMAN, ALIBABA </a>
<a title="Economia DECEMBER 14 page 55" href="http://viewer.zmags.com/publication/72edb168?page=55"> “The growth of P2P lending, where individuals len</a>
<a title="Economia DECEMBER 14 page 56" href="http://viewer.zmags.com/publication/72edb168?page=56"> SHAPING TOMORROW'S PRACTICE Michael Taylor, Tomor</a>
<a title="Economia DECEMBER 14 page 57" href="http://viewer.zmags.com/publication/72edb168?page=57"> 1 NEW TECHNOLOGY The march of technology is havin</a>
<a title="Economia DECEMBER 14 page 58" href="http://viewer.zmags.com/publication/72edb168?page=58"> Thinking small They are the bedrock of the econom</a>
<a title="Economia DECEMBER 14 page 59" href="http://viewer.zmags.com/publication/72edb168?page=59"> SMALL BUSINESS FINANCE </a>
<a title="Economia DECEMBER 14 page 60" href="http://viewer.zmags.com/publication/72edb168?page=60"> SMALL BUSINESS FINANCE </a>
<a title="Economia DECEMBER 14 page 61" href="http://viewer.zmags.com/publication/72edb168?page=61"> Exclusive FREE Payroll, now available as standard</a>
<a title="Economia DECEMBER 14 page 62" href="http://viewer.zmags.com/publication/72edb168?page=62"> “THIS IS THE INFORMATION AGE. ISACA KEEPS ME MOR</a>
<a title="Economia DECEMBER 14 page 63" href="http://viewer.zmags.com/publication/72edb168?page=63"> Robert Luck, managing director of property de</a>
<a title="Economia DECEMBER 14 page 64" href="http://viewer.zmags.com/publication/72edb168?page=64"> Saving the children Financial literacy in the UK</a>
<a title="Economia DECEMBER 14 page 65" href="http://viewer.zmags.com/publication/72edb168?page=65"> FINANCE EDUCATION H </a>
<a title="Economia DECEMBER 14 page 66" href="http://viewer.zmags.com/publication/72edb168?page=66"> CORBIS game from his weekly paper round or pocke</a>
<a title="Economia DECEMBER 14 page 67" href="http://viewer.zmags.com/publication/72edb168?page=67"> Top: Charity MyBnk runs school sessions to introd</a>
<a title="Economia DECEMBER 14 page 68" href="http://viewer.zmags.com/publication/72edb168?page=68"> WHAT HAS ACCOUNTING GOT TO DO WITH THE PRICE OF F</a>
<a title="Economia DECEMBER 14 page 69" href="http://viewer.zmags.com/publication/72edb168?page=69"> THE ECONOMIA ESSAY bridge's hei</a>
<a title="Economia DECEMBER 14 page 70" href="http://viewer.zmags.com/publication/72edb168?page=70"> DRIVING FORCE As finance director for DVLA, Racha</a>
<a title="Economia DECEMBER 14 page 71" href="http://viewer.zmags.com/publication/72edb168?page=71"> economia DECEMBER 2014 PROFILE RACHAEL CUNNINGHA</a>
<a title="Economia DECEMBER 14 page 72" href="http://viewer.zmags.com/publication/72edb168?page=72"> We don't just dangle the carrot … we offer real m</a>
<a title="Economia DECEMBER 14 page 73" href="http://viewer.zmags.com/publication/72edb168?page=73"> Technical The top five A cyber security wake-up </a>
<a title="Economia DECEMBER 14 page 74" href="http://viewer.zmags.com/publication/72edb168?page=74"> Key developments TAX ICAEW on Autumn State</a>
<a title="Economia DECEMBER 14 page 75" href="http://viewer.zmags.com/publication/72edb168?page=75"> TECHNICAL UPDATES payment details</a>
<a title="Economia DECEMBER 14 page 76" href="http://viewer.zmags.com/publication/72edb168?page=76"> Retiring minds If you haven't thought about wh</a>
<a title="Economia DECEMBER 14 page 77" href="http://viewer.zmags.com/publication/72edb168?page=77"> TECHNICAL SUCCESSION PLANS do not pe</a>
<a title="Economia DECEMBER 14 page 78" href="http://viewer.zmags.com/publication/72edb168?page=78"> Six degrees of separation Offering up intangib</a>
<a title="Economia DECEMBER 14 page 79" href="http://viewer.zmags.com/publication/72edb168?page=79"> TECHNICAL INTEGRATED REPORTING “Comp</a>
<a title="Economia DECEMBER 14 page 80" href="http://viewer.zmags.com/publication/72edb168?page=80"> Risk and reward In these competitive times, fi</a>
<a title="Economia DECEMBER 14 page 81" href="http://viewer.zmags.com/publication/72edb168?page=81"> TECHNICAL CROSS-SELLING cross-sellin</a>
<a title="Economia DECEMBER 14 page 82" href="http://viewer.zmags.com/publication/72edb168?page=82"> Fitzgerald & Law: Going overseas With almost two</a>
<a title="Economia DECEMBER 14 page 83" href="http://viewer.zmags.com/publication/72edb168?page=83"> TECHNICAL PRACTICE PROFILE ILLUSTRATION: ARON VE</a>
<a title="Economia DECEMBER 14 page 84" href="http://viewer.zmags.com/publication/72edb168?page=84"> Reckless statements, insider dealing and improper</a>
<a title="Economia DECEMBER 14 page 85" href="http://viewer.zmags.com/publication/72edb168?page=85"> TECHNICAL DISCIPLINARIES Report listings Th</a>
<a title="Economia DECEMBER 14 page 86" href="http://viewer.zmags.com/publication/72edb168?page=86"> Life Crowdfunding Funding fun Crowdfundin</a>
<a title="Economia DECEMBER 14 page 87" href="http://viewer.zmags.com/publication/72edb168?page=87"> DISLIKES: DOGS, HIS RAIN MAC, RAIN, CATS, SHEEP, </a>
<a title="Economia DECEMBER 14 page 88" href="http://viewer.zmags.com/publication/72edb168?page=88"> negotiate stiles or kissing gates – there are sev</a>
<a title="Economia DECEMBER 14 page 89" href="http://viewer.zmags.com/publication/72edb168?page=89"> ANDREW, PART TIME PLUMBER </a>
<a title="Economia DECEMBER 14 page 90" href="http://viewer.zmags.com/publication/72edb168?page=90"> LUCY BENSON-BROWN, THEATRE DIVA Lucy Benson-Brown</a>
<a title="Economia DECEMBER 14 page 91" href="http://viewer.zmags.com/publication/72edb168?page=91"> arrangement during the recession. “Once the f</a>
<a title="Economia DECEMBER 14 page 92" href="http://viewer.zmags.com/publication/72edb168?page=92"> Restaurants Neil Davey follows the crowd and bo</a>
<a title="Economia DECEMBER 14 page 93" href="http://viewer.zmags.com/publication/72edb168?page=93"> continues to donate 10% of net Innocent profit to</a>
<a title="Economia DECEMBER 14 page 94" href="http://viewer.zmags.com/publication/72edb168?page=94"> Kickstart your health sightline of the swimmer. S</a>
<a title="Economia DECEMBER 14 page 95" href="http://viewer.zmags.com/publication/72edb168?page=95"> </a>
<a title="Economia DECEMBER 14 page 96" href="http://viewer.zmags.com/publication/72edb168?page=96"> RECRUITMENT icaewjobs@icaew.com INTE</a>
<a title="Economia DECEMBER 14 page 97" href="http://viewer.zmags.com/publication/72edb168?page=97"> DIRECTORYLOUISE SMALE louise.smale@progressivecp.</a>
<a title="Economia DECEMBER 14 page 98" href="http://viewer.zmags.com/publication/72edb168?page=98"> LIFE AFTER WORK </a>
<a title="Economia DECEMBER 14 page 99" href="http://viewer.zmags.com/publication/72edb168?page=99"> A hidden gem in the heart of London … and it's yo</a>
<a title="Economia DECEMBER 14 page 100" href="http://viewer.zmags.com/publication/72edb168?page=100"> </a>