Britcoin – a new frontier

A central bank digital currency (CBDC) could make the financial system more stable and even “open new frontiers”, according to Bank of England deputy governor Jon Cunliffe.

He told a recent Treasury Committee that the introduction of an official digital currency could also have huge benefits for the economy and for society.

Cunliffe explained: “We can configure payments to an extent now, but it is quite clunky and they are quite blunt instruments, whereas programmable money would enable much more differentiation and variation.”

He felt concern about an increase in bank failures was overstated. “A digital pound provides another payments system in terms of resilience, but it also means if we have to deal with failed banks again, there is another asset people can go into.”

The latest update in the recently launched QB Advanced is Revenue Recognition, which supports accrual accounting by allowing users to automate the recognition of revenue on a monthly basis.

QuickBooks has also expanded its Workpapers product to include a new innovation, Books to Tax. It will soon launch Bureau Payroll too.

Diverse attacks

Cybercriminals are using increasingly advanced tools and tactics to exploit and extort victims, with state-sponsored activity growing as a concern, according to SonicWall’s 2023 Cyber Threat Report

The report found that the total volume of malware attacks was up 2% in 2022 after three straight years of decline. Europe as a whole saw increased levels of malware (+10%) as did Ukraine, which had a record 25.6 million attempts.

And Cunliffe felt that a ‘Britcoin’ would not be the enemy of cash, telling MPs: “Cash will decline not because digital options are created. Cash will decline because it’s not useable, and then digital options will be created.”

BPP Education Group acquires the Digital Marketing Institute

BPP Education Group has bought the Digital Marketing Institute (DMI), a leading provider of digital marketing training and certifications.

Following this transaction, DMI will continue to run as an independent business under the leadership and management of its existing teams and remain

Interestingly, malware was down year-over-year in key countries like the US (-9%), UK (-13%) and Germany (-28%).

You can find the report at https:// tinyurl.com/5ydtaunn

Tech superpower UK Prime Minister Rishi Sunak has launched the government’s plan to cement the country’s place as a science and technology superpower by 2030.

Sunak wants to help grow the UK economy, create high-paid headquartered in Ireland. With its acquisition of Estio Training and Firebrand Training, BPP believes the new acquisition of DMI will help it focus on delivering a broader portfolio of programmes, providing more learners and clients with access to a leading portfolio of professional courses and apprenticeships.

Graham Gaddes, BPP CEO, commented: “The acquisition of Digital Marketing Institute introduces a new vertical of programmes into the BPP portfolio. We are seeing an everincreasing demand from our clients and customers that want to expand their skills in digital marketing.” jobs of the future, protect the UK’s security, and radically improve people’s lives through science, innovation and technology.

Backed by a fund of over £370 million, the aim is to bring the world’s best talent to the UK, and seize the potential of groundbreaking new technologies like AI.

Sunak said: “Trailblazing science and innovation have been in our DNA for decades. But in an increasingly competitive world, we can only stay ahead with focus, dynamism and leadership.”

The drones are coming Wing, a subsidiary of Alphabet, says it will have a deliverynetwork technology ready to handle a million orders in a year’s time.

The company said operating a network of drones will transform efficiency, and trials are currently taking place ‘at scale’ in Australia. Delivery trials are also taking place in Lusk, a suburb of Dublin.

Wing is reportedly in talks with Department for Transport and Civil Aviation Authority in the UK about starting drone delivers.

Climate warriors

We read with interest your lead article by Professor Ian Thomson headlined ‘Are you fuelling climate change?’ (PQ, February 2023). He correctly wants a world where accountants and decision-makers consider the financial cost and the environmental cost at every turn.

When it comes to ACCA exambased training PQs and employers have a choice: traditional classroom-based training or online training. That traditional approach comes with a larger carbon footprint as a result of journeys into college, the heating of the classroom and the printing of physical books.

By contrast, online exam-based

Social mobility fears

I was intrigued to read your lead story ‘Why the City isn’t fair’ (PQ magazine (March 2023). I come from a working-class family and have always found it difficult to be ‘one of the boys’.

It is true too that the council estate doesn’t get you ready for working with people from the posh houses! They do look down on you, and you are forced to change – even the way you talk. Wearing your class on your sleeve doesn’t help you get on. In truth it is the reason why I left practice for industry, where I am judged on my achievements.

The whole ‘must have a 2.1 degree’ thing also ensured the firms could excluded by class. The shame is I thought and have read how this is changing, yet Louise Ashley’s book was only published last year. I had a chuckle too about the ‘employed on merit’ thing, and it is true that if that was actually practiced, then why do all the accountancy firms look the same!

It’s time for real change. Name and address supplied

Why the delay?

Why has HM Treasury been allowed to just postpone the introduction training requires no journeys no additional premises and no printing of physical books.

Nevertheless, there are some carbon emissions due to online activity and WhatsApp. of Making Tax Digital for the selfemployed and landlords? This was my project in the firm and now, after all my moaning and persuading, I look a fool! They aren’t pushing back one year but two – to April 2026. I am not even sure I will be with my firm until then, and will probably have to pass the mantle to another poor PQ. We were ready and I just think HMRC were not. They should be honest and just take the hit on that. Name and address supplied

For over two years, we have both acted and made payments to offset the limited carbon footprint of our online businesses.

We are both proud to be certified as carbon neutral. It’s not a selling point – those are the quality of courses, personalised support and feedback. Being carbon neutral is just embedded into the business. We meet that expectation factor.

So, things have not only changed (for the better) in the university sector but also in the ACCA professional exam training market.

PQ joined the AAT at the House of Commons to celebrate the launch of Strategy to 2030. AAT CEO Sarah Beale stressed that a key part of this strategy is to widen access to the profession for anyone who wants a career in accountancy. She said it was time to fight the perception that accountancy is an elitist profession.

It was a fantastic chance to network with lots of people. One person we bumped into was the wonderful Libby Walklett (pictured with PQ’s Graham Hambly), from the ethical bookkeeper. Here just some of what she wrote about the event: “I don’t know where to start. On Monday evening, I attended a parliamentary event hosted by the AAT attended by MPs, peers, journalists, award winners and nominees (yes, me!!).

“To say I was a tad nervous and feeling a little out of my comfort zone would be an understatement, however I made it past security and they let me in! I needn’t have worried. Once in, I spent the most wonderful evening speaking to anyone and everyone that stood still for long enough for me to bend their ear!

“I even met the lovely Graham Hambly from PQ magazine, who told the most hilarious stories about his Dad. I ‘may’ have invited myself to his awards night, and got an invitation back, which I won’t be sharing with you quite yet, but watch out when I do, cos it’s a good one.” Walklett certainly knows how to network!

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