FT News Briefing Big Four maintains stranglehold on UK audits
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Dec 5, 2025 
Elettra Artesino, a reporter for the FT's Monetary Policy Radar, dives into Japan's evolving monetary policy and its rippling effects on global markets. She discusses how rising Japanese bond yields, the highest since 2007, signal a shift towards higher rates. Artesino explains the impact of potential repatriation of Japanese investments on UK and French bond markets, highlighting the delicate balance of global liquidity. The conversation also touches on the future of carry trades as rate differentials narrow and what this all means for investors.
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Big Four Dominate UK Large Audits
- The Big Four (Deloitte, EY, KPMG, PwC) captured 98% of FTSE 350 audit fees, keeping smaller firms marginalized.
- Elisheva Kissin says brand preference and complexity of large audits prevent meaningful market share gains by mid-tier firms.
Concentration Creates Systemic Audit Risk
- Concentration in four firms raises systemic risk if one fails or is sanctioned.
- Regulatory reforms and government bills have not substantially reduced the Big Four's hold, Elisheva Kissin reports.
Grant Thornton Shrunk Its Public Interest Audits
- Grant Thornton reduced its number of public interest clients by ~70% between 2016 and 2022 due to stricter supervision.
- Smaller firms often avoid big audits because they invite heavier regulatory scrutiny, Elisheva Kissin explains.