ACCA is supportive of what Government is seeking to achieve through the industrial strategy and look forward to reviewing the developed plans as they become available.
When the UK seeks to champion business in an era which is changing forever how businesses operate; how they judge success, and how they measure long-term value, there is much professional bodies, and the UK government can accomplish together. Accountants work in strategically important high-value roles, bringing a breadth of vision and expertise to government, financial institutions, businesses, the public sector and public practice. The future of thriving international trade; of sustainable economic growth which benefits all; and of harmonious commercial relations between nations, depends on the strength of a healthy finance profession – with dedicated people who are devoted to the public good. ACCA’s contribution will continue to give the UK – and the world – the accountancy profession it needs.
The Industrial Strategy highlights that the UK’s professional and business services operate with a comparative advantage in a market with global demand of $1.9 trillion. Through provision of essential business sectors and trusted business advisors, it is also an enabler of growth across the economy, helping businesses to raise finance, scale up, export and invest. CCAB data finds that the Accountancy profession contributed £98bn to UK and Irish economies in 2022 alone. The UK exported £4 billion in accounting services in 2022, increasing its share of total UK service exports since 2016 by 0.3% percentage points. The Office for National Statistics Balance of Payments Yearbook 2024 provides a trade balance figure for the accountancy market of £4.9bn. Championing a refreshed understanding of the vital contribution of professional accountants in this changing world will directly contribute to the delivery of two industrial strategy objectives:
Not only is accountancy a key sub-sector of ‘professional and business services’ (one of the eight growth driving sectors) but the profession’s work underpins the critical delivery of the seven other sectors identified.
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