Back to blog

ACCA Survey Reveals UK Accountants' Economic Concerns

Georgina Roberts

The ACCA’s Global Economic Conditions Survey (GECS)

What Does The Survey Reveal?

The recent ACCA survey paints a sobering picture of the current mood among the UK accounting industry, revealing widespread concern about economic outlook. 
We've summarised the main findings for you here.

  1. Economic Concerns
    Only 14% of accountants feel optimistic about the UK's economic outlook, reflecting widespread uncertainty.
     This pessimism is tied to various factors, including inflation and rising interest rates, which are affecting business operations and financial planning.

  2. Labour Shortages
    The survey indicates that a significant challenge is the ongoing shortage of skilled professionals in the accounting sector. 
    With fewer than one in five accountants feeling confident about finding qualified staff, this issue is critical for firms aiming to maintain service quality and meet client demands.

  3. Managing Costs
    Accountants are increasingly focused on managing costs amid economic pressures. 
    The need for effective cost control measures is paramount as firms strive to remain competitive while delivering value to clients.

  4. Call for Tax Reforms
    There is a strong call from accountants for government tax reforms, particularly aimed at supporting small and medium-sized enterprises (SMEs). 
    Simplifying tax regulations could relieve some of the burdens faced by these businesses and enhance overall economic stability.

ACCA UK Technical and Strategic Engagement head Glenn Collins commented prior to the UK Autumn Budget that, “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.'

It's clear that as trainee accountants and new professionals in the industry, adaptability and strategic thinking skills are going to be highly valued by your employers.
As is the certification of being ACCA qualified.

So, our message to all our students and anyone thinking of taking the ACCA exams is to just keep going with your studies - it'll be worth it in the end when you're living your dream career :)