News in brief: Business lending falls £1bn in month, BDO at world No.5 after leap in fees, Pearson in £382m Mergermarket sale

Bank of England Governor Mark Carney leads the bank's quarterly inflation report news conference at the Bank of England in London November 13, 2013. Britain's unemployment rate will fall much faster than previously expected due to a strengthening economic recovery, the Bank of England said on Wednesday, but it stressed that it was in no hurry to raise interest rates. REUTERS/Toby Melville

29 November 2013

Business lending slipped back into decline in October, falling by £1.1 billion over the month and underlining the Bank of England’s latest efforts to focus its Funding for Lending scheme away from mortgages to business credit.

The fall reversed a £700 million improvement in September. Loans to small and medium-sized business declined by £500 million over the month and were down 3.1% on a year ago.

BDO at world No.5 after leap in fees

BDO today confirmed its position as the number five auditor globally, announcing an increase in full-year fee income of more than 7% to $6.45 billion (£3.95 billion) while UK audit turnover was up 16% to £111 million.

BDO’s figures were boosted by its merger with PKF in April, which also led to a 40% increase in staff. Overall British fee income, which included advisory and tax work, was £312 million.

Pearson in £382m Mergermarket sale

Financial Times owner Pearson today sold its financial information business Mergermarket for an enterprise value of £382 million to BC Partners, the private equity firm that backed Foxtons.

Pearson is focusing on education and put up Mergermarket for sale earlier this year as part of a strategy of selling “non-core” assets. But chief executive John Fallon insists he will keep the FT.