BUSINESS LIVE: BoE Deputy Warns of Crypto-Led Crash; KPMG under fire again by Silentnight; Two more energy suppliers collapse
According to a top official at the Bank of England, Bitcoin and other cryptocurrencies could cause the next financial crash.
In a speech yesterday, Deputy Governor Sir Jon Cunliffe said a massive collapse in the price of cryptocurrencies to as low as zero is “certainly a plausible scenario” and that there was “a possibility of contagion” in the global financial sector.
KPMG and one of its senior partners lied in their defense of work for troubled mattress company Silentnight, a tribunal has found.
The accounting giant put up “a lying defense” when it claimed it had no choice but to let Silentnight go bankrupt and advise it sell itself to private equity firm HIG Capital, the independent disciplinary tribunal said.
Two more energy companies have gone bankrupt, leaving 250,000 more domestic customers without suppliers as the energy crisis deepens.
BP-backed Pure Planet and smaller supplier Colorado Energy each cited rising wholesale prices and Ofgem’s price cap as the causes of their collapse.
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BoE’s Sir Jon Cunliffe Says There Is a ‘Possibility of Contagion’ Under a Crypto Crash