Leading accountancy body sets out plan of action for incoming administration
As the Labour party is set to form the next government following the UK general election on 4 July, leading global accountancy body ACCA (s calling on the new administration to prioritise finance and economics issues in first 100 days.
ACCA UK is keen to work with the incoming government to deliver much needed reforms in a range of areas. And is well placed to do so with over 90,000 members working up and down the country, across all sectors, public and private, from micro businesses to large firms, helping individuals, organisations and businesses to thrive.
Glenn Collins, Head of Technical and Strategic Engagement, ACCA UK, said:‘The incoming Labour government must act swiftly, as the first 100 days in office are crucial for any new administration. ACCA would welcome outline timetables for addressing key issues, such as economic, fiscal and corporate governance reforms. A focus on increasing business confidence through improvements to the HMRC service, encouraging investment (both domestic and international) and supporting small business owners effectively with growth are all things ACCA has raised previously this year.
‘The nation is experiencing a large skills gap, with multiple industries needing skilled workers to help boost productivity and business growth. ACCA advocates a review of the apprenticeship levy, as well as including mutual recognition of professional qualifications in future trade deals, as these remain an important method of accessing careers in finance and addressing skills shortages.
‘Business confidence and investment have also been challenged for the last few years. ACCA calls on the new government to focus on creating a framework for growth, nurturing a transparent and trustworthy business ecosystem. ACCA advocates for immediate and drastic change at HMRC, with taxpayers and their agents enduring unacceptably low service standards. ACCA calls for action to restore trust between HMRC, taxpayers and agents by implementing a programme of improvements, including additional resource and training for staff.
The issues raised are covered in more detail in the UK’s policy prospectus.
Collins added: ‘ACCA would welcome any clarity from the incoming government on how it will address these concerns within the first three months in office.’
The accounting profession makes a significant contribution to the UK economy. In 2022, it is estimated that the profession contributed £80.7 billion to UK GDP and was responsible for an estimated tax contribution of approximately £10.1 billion to the UK Exchequer.
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About ACCA
We are ACCA (the Association of Chartered Certified Accountants), a globally recognised professional accountancy body providing qualifications and advancing standards in accountancy worldwide.
Founded in 1904 to widen access to the accountancy profession, we’ve long championed inclusion and today proudly support a diverse community of over 252,500 members and 526,000 future members in 180 countries.
Our forward-looking qualifications, continuous learning and insights are respected and valued by employers in every sector. They equip individuals with the business and finance expertise and ethical judgment to create, protect, and report the sustainable value delivered by organisations and economies.
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Guided by our purpose and values, our vision is to develop the accountancy profession the world needs. Partnering with policymakers, standard setters, the donor community, educators and other accountancy bodies, we’re strengthening and building a profession that drives a sustainable future for all.