ACCA Urges New Labour Government to Prioritize Economic Reforms

London: The Association of Chartered Certified Accountants (ACCA) has laid out a comprehensive plan for the incoming Labour administration, urging immediate attention to finance and economic issues within its first 100 days in office. This initiative comes in the wake of the Labour party preparing to form the next UK government following the general election on July 4.

According to Association of Chartered Certified Accountants, the ACCA, with its 90,000 members nationwide, is prepared to assist the new government in implementing essential reforms across various sectors. Glenn Collins, Head of Technical and Strategic Engagement at ACCA UK, emphasized the urgency for the new government to establish a robust agenda for economic, fiscal, and corporate governance reforms early in its term. He highlighted the importance of improving services at HM Revenue and Customs (HMRC), fostering business confidence, and promoting investment.

The ACCA has recommended specific actions, including a review of the apprenticeship levy and advocating for the mutual recognition of professional qualifications in future trade agreements to address the significant skills gap affecting multiple industries in the UK. Collins also called for drastic improvements in the service standards of HMRC to rebuild trust with taxpayers and their agents, proposing a detailed programme of enhancements for HMRC staff.

The ACCA stressed the critical role of the accounting profession in the UK economy, noting its £80.7 billion contribution to the UK GDP in 2022 and its significant tax contributions to the UK Exchequer.