ACCA calls on UK government to maintain focus on business growth

The accounting body also asks for more clarity on its vision to bolster optimism.

Susan Love, strategic engagement lead for Scotland, said: “The government needs to build on progress to date and get some momentum going in our economy.

“Business confidence is low with many highlighting uncertainty and challenges in their day-to-day work.

“The government undoubtedly has a critical month ahead to be clear to business about its plans for a new industrial strategy, how it plans to boost international investment to the UK and, crucially, key announcements in the Autumn Budget.”

Glenn Collins, head of technical and strategic engagement at ACCA UK, added: “We have seen some encouraging signs that the new government’s Treasury and business team understand the worries of the business sector and the concerns that we hear consistently from our 100,000 UK based members.

“We want them to build on the foundations that they have set out and we will continue to hold them to account.”

ACCA reports that members support the government’s emphasis on growing the economy, and the body welcomes moves over the first 100 days including:

• Action on late payment which ACCA has consistently called out as a blight on the growth prospects of small business. 
• The appointment of a government minister as chair of HMRC board. ACCA hopes James Murray’s appointment will result in further investment in HMRC and strengthen delivery, particular around HMRC service levels which continue to be a major drag on business effectiveness. 
• The King’s speech announcement of long promised regulation on corporate governance including placing the planned new regulator, the Audit, Reporting and Governance Authority (ARGA), on a statutory footing and setting out clear expectations and accountability for boards, management and auditors.