KPMG has been fined £6m, “severely reprimanded” and told to undertake an internal review over the way it audited the 2008 and 2009 audits of Syndicate 218, a firm based at the Lloyds of London market.

Mark Taylor, a partner at KPMG, and former partner Anthony Hulse have both each been fined £100,000. Douglas Morgan, a director at Syndicate 218, was also reprimanded.

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The Insolvency Service said there were 451 administrations in the first three months of the year, up 21.8% from the final three months of 2018 – and the most recorded by the government agency since the first quarter of 2014.

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The Labour Party has resisted calls to unconditionally embrace a second referendum, restating its support for such a vote only if the government refuses to change its EU deal or there is no new election.