FT confirms what we all know - Deloitte profits boosted by taxpayers during Covid
Updated: Aug 23
Today's Financial Times reveals the extent that the Conservative Government has used the COVID boosted private sector profits, with the pandemic as a cover story. Deloittes apparently were awarded coronavirus-related public sector contracts worth £280m since the start of the pandemicincluding work on the government’s Covid-19 testing schemes
Here is the FT report; "Deloitte has confirmed a surge in UK profits helped by public sector contracts during the pandemic, saying that its work on the response to Covid-19 was “essential”. The consultancy firm, which employs 20,000 people in the UK, was one of the big winners from the government’s heavily criticised strategy of relying on consultants to assist with the rollout of pandemic support programmes. It has been awarded coronavirus-related public sector contracts worth £280m since the start of the pandemic, according to data provider Tussell, including for work on the government’s Covid-19 testing schemes."
The firm’s UK chief executive Richard Houston said Deloitte’s work had “played a key part in the reopening of the UK economy after months of national restrictions”.
The staggering figures revealed in the FT showed the get-rich-quick culture which operates at the top of society. "The firm’s 691 equity partners shared an operating profit pool of £590m, up from £518m a year ago. Average profit per partner rebounded from £731,000 last year to £854,000. That was slightly lower than the 2019 payout of £882,000 but partner income this year was boosted by an additional one-off payment from the sale of Deloitte’s UK restructuring business. Deloitte did not disclose the size of the extra payment, but people briefed on the details said it would push total pay to about £1m."