UK accounting industry turnover falls 1% to £2.85bn, says ONS

UK accounting industry turnover has fallen back to £2.85bn in May 2021, down 1% from April’s £2.88bn, according to Office of National Statistics data.

The results also showed that accounting industry revenues also fell marginally behind trend in the overall UK services sector (including accounting) which grew by 0.9% month on month to £181.3bn.

Julie Matheson, regulatory partner, accounting services at Kingsley Napley LLP said: “The UK’s accounting industry has consolidated its position over the past two months after historic highs in the first quarter of the year.

“Firm leaders will no doubt be reassured that stability has returned. Attention is increasingly focussed not only on the impact of COVID but also on regulation, with much discussion of the recent BEIS consultation amongst firm wide leaders.”

She added: “It will be interesting to monitor how audit reform impacts revenues down the line.”