Business Recovery

UK accounting sector turnover jumps to £3.08bn in January

This represents a 14.1% rise compared to December 2020, according to the Office for National Statistics

The accounting sector in the UK saw its turnover increase to £3.08bn in January 2021, according to the Office for National Statistics (ONS).

This represents a 14.1% rise compared to December 2020 the highest monthly figure in recorded history.

Overall, the industry within the UK posted £31.1bn in revenues, marginally up by 0.4% on 2019, the previous record year.

Turnover for accounting in January 2021 was up 3.7%, while the financial services overall saw a significant drop of 15.8% over the same period.

Julie Matheson, regulatory partner for Accounting Services at Kingsley Napley LLP, said: “The early weeks of 2021 have been outstanding for the Accounting industry, after a remarkably resilient performance in 2020.

“Numerous firms are now considering growth in the dual context of impending audit reform and a post-lockdown reopening of the economy.”

She added: “In these uncertain times, Accounting firm leaders need to carefully analyse their plans in light of increased activity by regulators and with reference to staff morale and mental health, after a year of remote working.”

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