Steve Varley, the UK chairman of EY, has called for the Financial Reporting Council to gain greater powers and to become more independent from the industry it oversees.

He said the accounting watchdog should have stronger regulatory authority over audit firms and company directors and receive extra funding to do so, in a newspaper interview.

***

At around 3.30pm today the Chancellor Philip Hammond will deliver the Budget, as the UK heads into the most uncertain political climate for generations.

Recent reports suggest an easing of small business rates to help the high street.

Another possible plan would be to impose a tax on sales of companies with a global income of £750m- affecting giant firms like Facebook, Apple and Google-owner, Alphabet, which have been accused of not paying their fair share of tax in the UK.