Labour’s industrial strategy needs the accountancy profession at its heart

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.