The UK government’s long-stated priority is to grow the economy, with a ten-year project identifying eight growth-driven sectors. The Association of Chartered Certified Accountants, or ACCA, has noted that accountancy underpins all these sectors and hopes to be able to work closely with the Labour government to make this growth happen.
Invest 2035
Invest2035 is the government’s economic strategy that aims to provide a launchpad for businesses with jobs at its heart. While maintaining its commitment to net zero and regional growth, the eight sectors it has identified are advanced manufacturing, clean energy industries, defence, creative industries, financial services, digital and technologies, life sciences, and professional and business services.
A role for UK accounting
With financial services and professional and business services identified as two of the growth-driven sectors, it is clear that UK accounting can play a major role, and rightly so. As the ACCA points out, accounting is one of the UK’s success stories, contributing £98bn to the UK and Irish economies in 2022 and exporting £4bn in services.
Additionally, it will underpin the other sectors through its financial support services, as good accounting is at the heart of any business’s success in any sector. If you are looking for accounting services or have a new business, invest time in finding good accountants. To start, use the relevant search term for your area, such as ‘accountants Bath’, to produce results for good accountants operating in your area such as www.chippendaleandclark.com/accountants-near-me/bath.
Government understanding of the accountancy sector
The ACCA has a good track record of working with the UK government and has broadly welcomed the government’s strategy, particularly its recognition of the role professional and business services will play in its plan; however, it notes that for the best chance of success, the government should refresh its understanding of the accountancy sector.
ACCA members are keen to share their knowledge and insights, gained through working with businesses every day. If the Labour government works closely with UK accounting, it will be better placed to ensure a successful economic strategy.