Fewer than one in five accountants are optimistic about the UK’s economic situation. Credit: Volha_R/Shutterstock.

The Association of Chartered Certified Accountants (ACCA) has released a survey data revealing a lack of confidence among UK accountants regarding the nation’s economic prospects, with only 14% expressing a positive outlook. 

With fewer than one in five accountants optimistic about the UK’s economic situation, ACCA is urging the government to announce measures in the budget to boost confidence. 

The government has previously declared reviving the UK economy as its ‘number one priority’, but the majority of accountants are claimed to remain unconvinced, with 86% expressing negative or neutral perspectives. 

The ACCA’s Global Economic Conditions Survey (GECS) has showed a decline in business confidence among UK SMEs, reaching its lowest point since the second quarter of 2023.  

This contrasts with the improving economic data of 2024, suggesting that concerns over policy and tax changes in the upcoming Budget are weighing heavily on businesses. 

According to the survey, three challenges faced by businesses and organisations are economic confidence at 71%, skills and labour shortages at 59%, and managing costs at 49%.  

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ACCA UK Technical and Strategic Engagement head Glenn Collins said: “The Chancellor has rightly warned about the tough decisions ahead, but the Government should be concerned about the impact this is having on economic confidence.  

“Despite an improvement in the capital expenditure index in the GECS survey, it remains low compared to its historic average. For the industrial strategy and upcoming budget, the Government needs to present a positive approach to business to generate the investment and growth needed.” 

Earlier in October 2024, KPMG Singapore and ACCA launched a new learning programme designed to equip accountancy professionals with enhanced environmental, social, and governance capabilities.  

This initiative is a direct response to the recommendations of the Accountancy Workforce Review Committee’s report from May 2024.