Accountancy

McDonnell vows to split up Big Four ‘cartel’ if Labour wins election

The shadow chancellor promised to separate the audit from other non-audit services provided by PwC, KPMG, Ernst & Young and Deloitte

Shadow Chancellor of the Exchequer John McDonnell
Shadow Chancellor of the Exchequer John McDonnell Photo: Getty Images

The shadow chancellor has vowed to end the “cartel” behaviour of PwC, KPMG, EY and Deloitte if the Labour Party is voted into power next month.

In a speech delivered on November 19, outlining the party’s priorities for reform of business, John McDonnell promised to split the Big Four’s auditing businesses from other non-audit services.

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