The pay of partners at PwC, one of the UK's leading advisory firms, has returned to pre-banking crisis levels with the average profit per partner rising to £705,0000 in the current financial year.
The 4% rise in the profits for partners in the year to the end of June came during a period when the Competition Commission was investigating the audit profession and the industry faced scrutiny about tax planning services for major companies.
In July, the commission stepped back from forcing companies to change their auditors very five years. Instead they must put the contracts out for tender, but can reappoint the same firm.
Ian Powell, chairman of PwC, insisted the firm did not decide the government's tax policy. But he said simplifying the tax regime would "help the tax system to run more smoothly and efficiently".
He said the firm was forecasting UK GDP growth of 1.3% this year followed by 2.3% growth in 2014. "Though this may not be strong growth by comparison with pre-financial crisis trends, we believe it reflects a 'new normal' for growth affecting all western economies," said Powell.
Powell said PwC was not making enough progress in promoting women, who made up just 16% of recent promotions to partner.
PwC's assurance practice, which includes audit, reported a 1% rise in revenue to £696m, while its tax advisory division rose 3% to £680m. Total revenue was £2.6bn, up 3%. Profits rose to £740m from £727m.
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