BUSINESS LIVE: BoE warns of crypto-led crash; KPMG under fire

BUSINESS LIVE: BoE deputy warns of crypto-led crash; KPMG under fire again over Silentnight; Two more energy suppliers collapse

Bitcoin and other cryptocurrencies could cause the next financial crash, according to a top Bank of England official.

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’ across the global financial sector.

KPMG and one of its senior partners lied in their defence of work for troubled mattress company Silentnight, a tribunal has found.

The accounting giant ‘advanced an untruthful defence’ when it claimed it had no choice but to push Silentnight into insolvency and advise that it sold itself to private equity firm HIG Capital, the independent disciplinary tribunal said.

Two more energy firms have gone bust, leaving 250,000 more domestic customers without providers as the energy crisis continues to intensify.

BP-backed Pure Planet and smaller supplier Colorado Energy each cited rising wholesale prices as well as the Ofgem price cap as the drivers of their collapse.

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BoE’s Sir Jon Cunliffe says there’s a ‘possibility of contagion’ under a crypto crash