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9am Lowdown
9am Lowdown

9am Lowdown: Osborne tries to calm the markets

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27th Jun 2016
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In this morning's Lowdown, George Osbornes breaks his Brexit silence, and the FRC prepares to reveal their HBOS findings. 

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Osborne tries to reassure the market

George Osborne has broken his silence following the UK’s vote to leave the EU, declaring the British economy is “fundamentally strong” and “open for business”. 

“I said we had to fix the roof so we were prepared for whatever the future held and thank goodness we did” he said this morning, in an attempt to calm the market.  However, he dodged questions over the emergency Budget he warned of before the referendum, and failed to reveal what his future holds as the Chancellor.

Addressing the UK’s next steps, Osborne said: “Given the delay in triggering article 50 and the prime minister’s decision to hand over to a successor, it is sensible, that decisions on what that action should consist of, wait for the OBR [Office for Budget Responsibility] to assess the economy in the autumn, and for the new prime minister to be in place.”. 

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FRC to announce HBOS verdict

The FRC are expected to reveal the findings of their investigation into KPMG and its audit of HBOs today.

According to City AM, the FRC announced last Thursday that it had made a decision, while Sky News reported on Sunday evening that the verdict will be Monday.

 Earlier this year, FRC’s chief executive informed chairman of the Treasury committee Andrew Tyrie that the accounting watchdog would conduct their enquiries as quickly as possible, but stressed the importance but stressed the importance that their findings are “robust”. 

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Accountex video of the day

AccountingWEB's Francois Badenhorst meets Helena Turner from US Tax and Financial Services to talk about the IRS's plans for overseas US citizens and what an accountant can do if they (or a client) gets an IRS letter.

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