London Daily

Focus on the big picture.
Friday, Oct 23, 2026

EY to brief UK partners on plans for $80bn global break-up

EY to brief UK partners on plans for $80bn global break-up

More than 780 UK partners have been invited to a summit next week at which they will be briefed on details of EY's plans to separate its audit and consulting businesses, Sky News learns.

Senior executives at the big four accountant EY's UK firm will be briefed next week on plans for the professional services giant to pursue an $80bn (£66bn) break-up.

Sky News has learnt that EY's 780 UK partners have been invited to a summit at a central London hotel to hear its leadership team outline the next steps in a process which would emit shockwaves through the global audit profession.

One EY UK partner said on Thursday that they had been told to expect details of the firm's growth plans for the next financial year, as well as updates on "strategic" initiatives.

The UK ranks as the second-biggest firm in EY's global network, behind the US, meaning that the views of its partnership will be crucial to implementing the overall separation.

EY has been working on plans for months to carve out its consulting business from its audit firm in the belief that by removing conflicts of interest between the two sides, each would be more highly valued on a standalone basis.

The audit firm would continue to be owned by its partners, while the consulting business - which provides advice to companies on areas such as financial restructuring, deal-making, tax and technology transformation - would seek a listing on a major international stock exchange.

Although EY's global firm may announce its intention to pursue such a radical shake-up as soon as the next fortnight, partner votes are expected to take several months to organise, with approval also required by audit regulators around the world.

Details of the voting arrangements are yet to be finalised, but it is thought that national EY firms which vote against the proposals would not be forced to implement the split.

A partner at the firm said they had been assured that the vote on the firm's future would be "fair and equitable", although a spokesman declined to comment on any details.

Among the top executives presenting at next week's partner conference will be Hywel Ball, EY's UK chairman, and Omar Ali, the firm's financial services regional managing partner for Europe, the Middle East, India and Africa.

A spokesman for EY UK said in response to an enquiry from Sky News: "EY partners in the UK have not been able to gather together physically for two years.

"They will be getting together to reflect on the last financial year, look at plans for the forthcoming year and hear strategic updates from leaders."

EY looks certain to become an outlier among the big four audit firms if it does implement a break-up.

Deloitte and PricewaterhouseCoopers have both pledged to retain the existing integrated model, while Sky News revealed last week that the boss of KPMG had taken a swipe at EY's plan by implying to colleagues that it was akin to an act of corporate vandalism.

Bill Thomas, KPMG's global chairman, told partners that the longevity of KPMG's existing structure was one of its major attributes.

"We are a partnership that has been strong and growing in some countries for over 150 years," he wrote in a memo.

"Our culture fuels this growth and stability.

"Our responsibility is to leave the firm better than we found it for those who come after us - we are stewards of the business for our mentees and the next generation.

"To monetize the goodwill of our firm that has been created for over a hundred years, at the expense of the next generation, would be entirely contrary to our culture."

The board of KPMG Global is said to have discussed the issue at a meeting earlier this month, with a determination that it would retain its present structure even in the event that the other members of the big four followed EY's lead.

The break-up debate has been fuelled by growing pressure on the world's biggest auditors to extricate themselves from conflicts of interest which have beset the industry in recent years.

In the UK, the collapses of companies including BHS and Carillion have stoked anger about the performance of auditors, prompting moves to create a new statutory regulator.

Newsletter

Related Articles

0:00
0:00
Close
Piper Tomahawk Aircraft Crash Near Drymen in Stirling Claims Two Lives as Investigators Deploy
North Sea Transition Authority Approves Jackdaw Gas Field Production After Ministerial Authorization
Government Injects One Hundred and Forty Million Pounds to Expand Urgent Care Ahead of Winter Crisis
Department of Health Warns Further Pay Rises Will Derail National Health Service Waiting List Targets
Major Environmental Emergency Declared in South Wales Following Aerospace Kerosene Spill
Tank Barrel Production Returns to Britain as Defence Contractors Accelerate Domestic Rearmament
Government Approves Controversial Jackdaw Gasfield Development in the North Sea
National Health Service Maternity Safety Review Condemned Over Flawed Artificial Intelligence Integration
Dozens of United Kingdom Government Services Taken Offline Amid Critical Software Vulnerability
Barclays Announces Five Thousand Job Cuts Citing Artificial Intelligence Productivity Gains
Treasury Relaxes Post-Financial Crisis Accountability Rules for City of London Executives
United Kingdom Government Issues Unprecedented Guidance Urging Citizens to Stockpile Essential Supplies
United Kingdom Consumer Inflation Accelerates to Eleven-Month High Driven by Transport Costs
United Kingdom Public Sector Net Debt Breaches Three Trillion Pounds Ahead of Autumn Budget
Department for Science, Innovation and Technology Commits Fifty Million Pounds to Establish Regional Artificial Intelligence Innovation Clusters
Ofgem Directs Major Energy Suppliers to Expand Vulnerable Household Support Funds Ahead of Winter Heating Season
Home Office and National Police Chiefs Council Unveil New Intelligence-Led Strategy to Tackle Organised Immigration Crime Networks
First Minister John Swinney Secures Scottish Parliament Approval for Comprehensive Climate and Green Energy Infrastructure Strategy
National Health Service England and Trades Union Congress Finalize Agreement on Emergency Winter Staffing and Pay Frameworks
HM Treasury and Department for Business and Trade Announce Multi-Billion-Pound Sovereign Investment Pact to Spur Regional Advanced Manufacturing
Bank of England Governor Andrew Bailey Signals Potential for Faster Interest Rate Cuts as Domestic Inflation Pressures Ease Below Forecasts
Parliamentary Inquiry Highlights Urgent Need to Address Housing Shortage as Scottish Completions Hit Eleven-Year Low
United Kingdom and Singapore Sign Comprehensive Financial Agreement to Deepen Digital and Sustainable Market Ties
Greggs Announces Plan to Close Four Manufacturing Facilities and Cut Seven Hundred and Forty Jobs
International Monetary Fund Raises United Kingdom Economic Growth Forecast While Warning of Inflationary Pressures
Energy Security and Net Zero Committee Urges Government to Shift Policy Costs Onto Gas to Lower Household Bills
Housebuilding Across Scotland Plummets to Eleven-Year Low Despite Government Pledges to Tackle National Housing Emergency
Greggs Announces Factory Closures Across Northern England and Scotland Affecting Seven Hundred Forty Jobs
United Kingdom and Singapore Conclude Eleventh Financial Dialogue in Singapore to Deepen Cooperation on Digital Finance and Capital Markets
Energy Security and Net Zero Committee Urges Government to Shift Policy Costs to Gas Bills and Tap Windfall Profits to Lower Consumer Prices
British Broadcasting Corporation Announces Major Cost-Cutting Overhaul to Close Linear Broadcast Services for Television Channels BBC Three and BBC Scotland Alongside Digital Radio Station BBC Radio Four Extra
London Capital Markets Face Renewed Scrutiny After High-Profile Offerings Underperform Post-Listing
Green Party Wins Historic First Westminster Parliamentary By-Election in Gorton and Denton
Environment Secretary Emma Reynolds Unveils Sweeping Regulatory Overhaul for English Water Industry
United Kingdom Health Security Agency Confirms Thirty-Four Cases in Kent Meningitis Outbreak
Ministry of Defence Prepares Heat Pump Subsidy Cuts to Fund Urgent Military Modernization
British and European Union Officials Schedule Long-Awaited Bilateral Leaders Summit for November Twentieth
Bank of England Governor Andrew Bailey Urges Strict Fiscal Credibility to Protect British Bond Markets
United Kingdom Inflation Rises to Three Point One Percent Driven by Escalating Fuel Costs
Profit Warnings Among London-Listed Companies Reach Two-Year High Amid Global Energy Shocks
Chancellor John Healey Signals Targeted Tax Changes on Banks and London Corporate Offices Ahead of Budget
British Government Reallocates Twenty-Five Per Cent of International Climate Finance to Global Biodiversity Projects
Initial British Carbon Border Taxes Set to Undercut Parallel European Union Tariffs on Industrial Imports
Whitehall Prepares National Zero-Interest Loan Initiative to Accelerate Domestic Heat Pump and Solar Adoption
European Union Offers British Automakers Access to Hybrid Vehicle Trade Protections Subject to Strict Regulatory Alignment
British Probation Officers Threaten Widespread Industrial Action After Rejecting Five Per Cent Government Pay Offer
Microsoft Abandons Major British Artificial Intelligence Data Centre Citing Severe National Grid Power Constraints
United Kingdom Inflation Accelerates to Three Point Four Per Cent Ahead of Chancellor John Healey's Inaugural Autumn Budget
Surging Cloned Number Plates Severely Complicate Traffic Enforcement and Police Investigations
Mounting Opposition Challenges Planned Rollout of Autonomous Taxis Across London
×