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A former chair of one of Britain’s biggest auditors is to step down as chairman of Interpath, the independent advisory firm, because of a potential conflict of interest involving its private equity backer’s choice of auditor.

Sky News has learnt that Interpath, which has been engaged by billionaire Sir Jim Ratcliffe on his cost-cutting campaign since taking a stake in Manchester United Football Club, will announce this week that John Connolly is to leave.

Mr Connolly, who has chaired the company since it was formed in 2021, is to hand the reins to Tamara Box, a former managing partner at the City law firm Reed Smith.

Insiders said this weekend that Mr Connolly was stepping down because of the impending appointment of Deloitte as the global auditor of HIG Europe, Interpath’s private equity backer.

Mr Connolly retired as senior partner and UK chief executive of Deloitte in 2011, but continues to receive a pension from the firm.

One source said that he, Interpath and HIG had agreed that his departure would avoid any potential conflict of interest arising, and that HIG needed Deloitte to be conflict-free.

The move is not without irony, given that Interpath’s formation was triggered by KPMG UK’s disposal of its restructuring arm amid growing obstacles posed by conflicts between large accountants’ audit and consulting operations.

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News of the chairmanship succession will come as Interpath reports a strong performance for its financial year ending March 31, with a roughly-15% increase in revenues and a quadrupling in operating profit over the previous year.

One person familiar with the results said they would show overall revenues of £163.6m and adjusted earnings before interest, tax, depreciation and amortisation of £46.3m.

Interpath has been steadily expanding its international network, with a workforce now numbering more than 900 people.

It recently announced a change in its executive leadership, with Mark Raddan replacing Blair Nimmo as chief executive.

The firm has opened an office in Bermuda – a key location for the global restructuring sector – and acquired KPMG’s restructuring business in France.

It also recently recruited David Sawyer, an industry veteran, as a special advisor to aid its expansion into the US.

Interpath also expects to benefit from UK corporate insolvency rates which are now higher than that seen during the COVID-19 pandemic.

Among its recent appointments was acting as administrator on the pre-pack sale of CTD Tiles to Topps Tiles.

A spokesperson for Interpath declined to comment on Sunday.

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Donald Trump’s tariffs will have consequences for globalisation, the US economy and geopolitics

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Donald Trump's tariffs will have consequences for globalisation, the US economy and geopolitics

For decades, trade and trade policy has been an economic and political backwater – decidedly boring, seemingly uncontroversial. 

Trade was mostly free and getting freer, tariffs were getting lower and lower, and the world was becoming more, not less, globalised.

But alongside those long-term trends, there were some serious consequences.

Trump latest: US president announces sweeping global trade tariffs

Mature, developed economies like the UK and US became ever more reliant on cheap imports from China and, in the process, saw their manufacturing sectors shrink.

Large swathes of the rust belt in the US – and much of the Midlands and North of England – were hollowed out.

And to some extent that’s where the story of Donald Trump’s “Liberation Day” really began – with the notion that free trade and globalisation had a darker side, a side he wants to remedy via tariffs.

More on Donald Trump

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Trump’s tariffs: Ed Conway analysis

He imposed a set of tariffs in his first term, some on China, some on specific materials like steel and aluminium. But the height and the breadth of those tariffs were as nothing compared with the ones we have just heard about.

Not since the 1930s has the US so radically increased the level of tariffs on all nations across the world. Back then, those tariffs exacerbated the Great Depression.

It’s anyone’s guess as to what the consequences of these ones will be. But there will be consequences.

Consequences for the nature of globalisation, consequences for the US economy (tariffs are exceptionally inflationary), consequences for geopolitics.

President Trump with his list of tariffs for various countries. Pic: Reuters
Image:
Imports from the UK will face a 10% tariff, while EU goods will see 20% rates. Pic: Reuters

And to some extent, merely knowing that little bit more about the White House’s plans will deliver a bit of relief to financial markets, which have fretted for months about the imposition of tariffs. That uncertainty recently reached unprecedented levels.

But don’t for a moment assume that this saga is over. Nothing of the sort. In the coming days, we will learn more – more about the nuts and bolts of these policies, more about the retaliatory measures coming from other countries.

We will, possibly, get more of a sense about whether some countries – including the UK – will enjoy reprieves from the tariffs.

To paraphrase Churchill, this isn’t the end of the trade war, or even the beginning of the end – perhaps just the end of the beginning.

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Donald Trump announces sweeping global trade tariffs – including 10% on UK imports

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Donald Trump announces sweeping global trade tariffs - including 10% on UK imports

Donald Trump has announced a 10% trade tariff on all imports from the UK – as he unleashed sweeping tariffs across the globe.

Speaking at a White House event entitled “Make America Wealthy Again”, the president held up a chart detailing the worst offenders – which also showed the new tariffs the US would be imposing.

“This is Liberation Day,” he told a cheering audience of supporters, while hitting out at foreign “cheaters”.

Follow live: Trump tariffs latest

He claimed “trillions” of dollars from the “reciprocal” levies he was imposing on others’ trade barriers would provide relief for the US taxpayer and restore US jobs and factories.

Mr Trump said the US has been “looted, pillaged, raped, plundered” by other nations.

President Donald Trump holds a signed executive order during an event to announce new tariffs in the Rose Garden of the White House, Wednesday, April 2, 2025, in Washington. (AP Photo/Evan Vucci)
Image:
Pic: AP

His first tariff announcement was a 25% duty on all car imports from midnight – 5am on Thursday, UK time.

Mr Trump confirmed the European Union would face a 20% reciprocal tariff on all other imports. China’s rate was set at 34%.

The UK’s rate of 10% was perhaps a shot across the bows over the country’s 20% VAT rate, though the president’s board suggested a 10% tariff imbalance between the two nations.

It was also confirmed that further US tariffs were planned on some individual sectors including semiconductors, pharmaceuticals and critical mineral imports.

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Trump’s tariffs explained

The ramping up of duties promises to be painful for the global economy. Tariffs on steel and aluminium are already in effect.

The UK government signalled there would be no immediate retaliation.

Business and Trade Secretary Jonathan Reynolds said: “We will always act in the best interests of UK businesses and consumers. That’s why, throughout the last few weeks, the government has been fully focused on negotiating an economic deal with the United States that strengthens our existing fair and balanced trading relationship.

“The US is our closest ally, so our approach is to remain calm and committed to doing this deal, which we hope will mitigate the impact of what has been announced today.

“We have a range of tools at our disposal and we will not hesitate to act. We will continue to engage with UK businesses including on their assessment of the impact of any further steps we take.

“Nobody wants a trade war and our intention remains to secure a deal. But nothing is off the table and the government will do everything necessary to defend the UK’s national interest.”

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Who showed up for Trump’s tariff address?

The EU has pledged to retaliate, which is a problem for Northern Ireland.

Should that scenario play out, the region faces the prospect of rising prices because all its imports are tied to EU rules under post-Brexit trading arrangements.

It means US goods shipped to Northern Ireland would be subject to the EU’s reprisals.

The impact of a trade war would be expected to be widely negative, with tit-for-tat tariffs risking job losses, a ramping up of prices and cooling of global trade.

Research for the Institute for Public Policy Research has suggested more than 25,000 direct jobs in the UK car manufacturing industry alone could be at risk from the tariffs on car exports to the US.

The Society of Motor Manufacturers and Traders (SMMT) had said the tariff costs could not be absorbed by manufacturers and may lead to a review of output.

The tariffs now on UK exports pose a big risk to growth and the so-called headroom Chancellor Rachel Reeves was forced to restore to the public finances at the spring statement, risking further spending cuts or tax rises ahead to meet her fiscal rules.

Read more:
What do Trump’s tariffs mean for the UK?
The rewards and risks for US as trade war intensifies

A member of the Office for Budget Responsibility (OBR), David Miles, told MPs on Tuesday that US tariffs at 20% or 25% maintained on the UK for five years would “knock out all the headroom the government currently has”.

But he added that a “very limited tariff war” that the UK stays out of could be “mildly positive”.

He said: “There’s a bit of trade that will get diverted to the UK, and some of the exports from China, for example, that would have gone to the US, they’ll be looking for a home for them in the rest of the world.

“And stuff would be available in the UK a bit cheaper than otherwise would have been. So there is one, not central scenario at all, which is very, very mildly potentially positive to the UK. All the other ones which involve the UK facing tariffs are negative, and they’re negative to very different extents.”

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Donald Trump’s tariffs will have consequences for globalisation, the US economy and geopolitics

Published

on

By

Donald Trump's tariffs will have consequences for globalisation, the US economy and geopolitics

For decades, trade and trade policy has been an economic and political backwater – decidedly boring, seemingly uncontroversial. 

Trade was mostly free and getting freer, tariffs were getting lower and lower, and the world was becoming more, not less, globalised.

But alongside those long-term trends, there were some serious consequences.

Trump latest: US president announces sweeping global trade tariffs

Mature, developed economies like the UK and US became ever more reliant on cheap imports from China and, in the process, saw their manufacturing sectors shrink.

Large swathes of the rust belt in the US – and much of the Midlands and North of England – were hollowed out.

And to some extent that’s where the story of Donald Trump’s “Liberation Day” really began – with the notion that free trade and globalisation had a darker side, a side he wants to remedy via tariffs.

More on Donald Trump

He imposed a set of tariffs in his first term, some on China, some on specific materials like steel and aluminium. But the height and the breadth of those tariffs were as nothing compared with the ones we have just heard about.

Not since the 1930s has the US so radically increased the level of tariffs on all nations across the world. Back then, those tariffs exacerbated the Great Depression.

It’s anyone’s guess as to what the consequences of these ones will be. But there will be consequences.

Consequences for the nature of globalisation, consequences for the US economy (tariffs are exceptionally inflationary), consequences for geopolitics.

President Trump with his list of tariffs for various countries. Pic: Reuters
Image:
Imports from the UK will face a 10% tariff, while EU goods will see 20% rates. Pic: Reuters

And to some extent, merely knowing that little bit more about the White House’s plans will deliver a bit of relief to financial markets, which have fretted for months about the imposition of tariffs. That uncertainty recently reached unprecedented levels.

But don’t for a moment assume that this saga is over. Nothing of the sort. In the coming days, we will learn more – more about the nuts and bolts of these policies, more about the retaliatory measures coming from other countries.

We will, possibly, get more of a sense about whether some countries – including the UK – will enjoy reprieves from the tariffs.

To paraphrase Churchill, this isn’t the end of the trade war, or even the beginning of the end – perhaps just the end of the beginning.

Continue Reading

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