The Association of International Certified Professional Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA) have discussed the UK Government’s initiatives to enhance productivity. 

The focus of the discussion was on the government’s investment plans and strategies to alleviate “supply side” constraints to foster growth. 

AICPA and CIMA have outlined several areas for the UK Government to consider as part of its growth agenda and industrial strategy.  

These include investing in education to develop future skills, adopting efficient business practices within the public sector, providing certainty to foster innovation and entrepreneurship, and embracing technology to build a skilled workforce. 

UK Chancellor Rachel Reeves had pledged to act “further and faster” to revitalise the economy. 

She revealed new plans for the Oxford-Cambridge Growth Corridor, which industry experts estimate could boost the UK economy by up to £78bn by 2035. 

Commenting on Chancellor Reeve’s speech, AICPA and CIMA Management Accounting chief executive Andrew Harding said: “CIMA welcomes the intent to make it easier for business to trade, raise finance, and build.  

“However, whilst reducing complexity is a positive move, we encourage the government to focus on driving integrated thinking across productivity, regulation, innovation, and growth if it is to go further and faster.” 

CIMA’s feedback to the Department for Business and Trade underlines the shared challenges and opportunities for the government to boost growth and address UK productivity concerns.  

Management accountants are identified as a requirement in supporting the delivery of the Industrial Strategy. 

The Invest 2035: The UK’s Modern Industrial Strategy Green Paper has pinpointed sectors where the UK excels or has the potential to lead globally, including professional and business services, financial services, and more. 

In October 2024, AICPA and CIMA announced Mark Koziel as its new CEO. Koziel served as president and CEO of Allinial Global.