The world’s ‘big four’ accounting firms will face potential fines of £10m (€11.5m) or more, in the UK, for serious rule breaches from June.

The UK’s accounting watchdog has fined audit firm PwC a record £5.1m (€5.6m) and given it a severe reprimand after it admitted misconduct when auditing collapsed accounting firm RSM Tenon.

A UK fashion chain formed following last year’s collapse of Ethel Austin fell into administration today, casting uncertainty over the future of more than 1,000 jobs.

British retail experts warned the key Christmas trading period hangs in the balance today as figures showed high street sales growth slowed last month.