Saturday 29 September 2018 / 11:00 AM Economy / John McDonnell

The Tories are finally taking their lead from Labour on tackling the Big Four audit firms – John McDonnell

John McDonnell, Labour’s Shadow Chancellor, responding to reports that Business Secretary Greg Clark has called for a review of the auditing industry, said:

“The Tories are finally taking their lead from Labour on tackling the Big Four audit firms.

“Labour commissioned an independent review of the UK’s corporate auditing and accounting regime earlier in the year, and now the Business Secretary is trying to play catch up.

“But the Government cannot use this review to sweep issues under the carpet. Failures of auditing and accounting on the Tories’ watch led to the collapse of Carillion. The next Labour government will change regulations to make sure scandals like Carillion never happen again.”