Breaking up Big Four ‘would damage City’

Deloitte has warned that a break-up of the Big Four accountancy firms in the wake of Carilil on’ s collapse could harm Britain’s standing as a global financial centre at a time when the City is already battling Brexit pressures.

The professionals ervices giant has written to the head sofa joint parliamentary committee after MPS raised serious competition concerns in the UK auditing industry during its inquiry into Carillion’s demise.

While Deloitte acknowledged concerns about the dominance of the so-called Big Four – which includes its rivals KPMG, P wc and EY – it said the UK’S reputation may suffer if firms are forced to split.

De lo it te added that “ongoing support” for the audit profession was “vital” in underpinning confidence in the UK.