ACCA says the government’s growth agenda will only succeed if it forms meaningful partnership with the accountancy sector
The government needs to work closely with the accountancy sector if it is to make a success of its number one mission – a growing economy.
Accountancy is an undoubted success story for the UK economy. The sector contributed £98bn to the UK and Irish economies in 2022, exported £4bn of services in the same year and has a trade surplus of £4.9bn.
Responding to Invest 2035: the UK’s modern industrial strategy – the strategy which Chancellor Rachel Reeves says is central to its growth mission – leading global accountancy body ACCA says that the work of the accountancy profession underpins the success of all the eight growth-driven sectors identified by the new Labour administration.
Glenn Collins, Head of Policy, Technical and Strategic Engagement ACCA, said: ‘The UK government’s ambitious strategy for growth needs to be supported by detailed plans to ensure that the aspiration has a chance to be realised. ACCA has a track record of working with Government to support detailed policy implementation which will enhance growth. We look forward to working in partnership with government to make it happen.’
In its response ACCA says that the government refreshing its understanding of the accountancy sector would help directly to deliver the government’s desired target of net zero, regional growth, and economic security and resilience.
ACCA points out how accountants are crucial in offering UK businesses – including the vital SME and entrepreneurial sectors – strategic business advice and unlocking investment opportunities.
Jessica Bingham, Regional Policy Lead for ACCA, said: ‘ACCA UK is pleased to see that professional and business services – of which accountancy is a significant part – is one of the eight growth-driving sectors identified by the government’s industrial strategy.
‘ACCA has members working in and helping businesses every day across every region of the UK, grappling with the problems that this industrial strategy identifies – skills and jobs, investment and technology adoption. Our members are keen to share their knowledge and insights to make growth a reality.’
Read the ACCA’s response here.
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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.
Guided by our purpose and values, our ambition is to lead the accountancy profession for a changed world. 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.
Find out more at: www.accaglobal.com