Punishment

CONSULTANCY firm PwC was fined £7.5 million (€8.4 million) for serious breaches while auditing the accounts of engineering company Babcock.

These included faking evidence related to a sensitive government contract, the Financial Reporting Council (FRC) said, adding that it found infringements in every area of Babcock’s 2017 and 2018 accounts that were investigated. The independent regulator for the UK and Ireland maintained that PwC “repeatedly” failed to challenge management, gather sufficient evidence to confirm financial statements, or follow basic audit requirements. PwC’s succession of failures meant there was a risk that mistakes or misstatements in Babcock’s financial accounts could have been overlooked, the FRC said.

The chain renowned for its sausage rolls announced plans to resite 40 shops in larger premises and refurbish another 150 stores this year, as demand for its products remained buoyant, notwithstanding the cost of living crisis.

The London Stock Exchangelisted company reported that sales had risen by 23 per cent to £1.5 billion (€1.68 billion) in 2022, with pre­tax profits 1.9 per cent higher at £148 million (€166 million).

Tickets hiked

RAIL fares in Britain have experienced the largest increase in more than a decade despite record levels of poor timetable reliability.

Fares in England and Wales rose by up to 5.9 per cent on average, adding hundreds of pounds to the outlay for most annual season tickets, consumer groups said. The annual rise was the largest since the 6.1 per cent hike across the country that was announced in 2012.

Britain’s Rail minister Huw Merriman justified the increase which he maintained was “well below” inflation.

Dow Jones