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The Institute of Chartered Accountants of England and Wales launched a new training qualification this week in a bid to prevent major UK companies moving their student training to its counterpart north of the border.

Earlier this year Ernst and Young, one of the "big five" accountancy firms, opted to train all its trainees with the Institute for Chartered Accountants in Scotland. Others were considering whether to follow suit. The new qualification comes after a two-year consultation with the sector, aimed at addressing calls for more flexibility in training to cope with the rapidly changing business environment.