ICAEW urges gov to focus on UK resilience ahead of general election
The institute argues that to encourage investment into the UK, the next government must champion world-leading corporate governance, reporting and tackle economic crime
ICAEW is calling on political parties to adopt tangible measures that will boost productivity, support business growth and ensure the UK’s economic resilience, following the announcement of a general election on 4 July.
At the start of 2024, ICAEW published its manifesto outlining a series of recommendations for the next government to create a UK economy that is productive, highly skilled, sustainable, innovative, resilient, trustworthy and leading on trade.
Drawing on the expertise and experience of ICAEW members, the manifesto calls for the revitalisation of support for start-ups, action to reduce the administrative burden of trade and a simplified, digital tax system.
To support new and growing businesses, measures recommended include the creation of business start-up passports, to streamline HMRC registrations, the reintroduction of growth vouchers, a commitment to increase R&D spending beyond 3% of GDP, and a regulation roadmap.
Meanwhile, ICAEW argues that to encourage investment into the UK, the next government must champion world-leading corporate governance, reporting and tackle economic crime.
Alongside making commitments to exceeding OECD corporate governance minimum standards, ICAEW said it recommends broadening reporting requirements for public interest entities and ensuring funding for a statutory regulator within the next parliament.
ICAEW’s chief executive, Alan Vallance, said: “The UK faces major decisions about the shape and direction of its future economy. We are at an important crossroads with digital technologies and the green transition presenting risks and opportunities for organisations across the country.
“ICAEW members tell us that certainty and stability are top priorities, and we hope our recommendations help whoever forms the next government to take the bold action necessary to restore resilience to the economy and bring about a renewal of business confidence.”
The Institute also recommends the creation of strategies to ensure the UK can lead on sustainable technologies and embrace the opportunities offered by artificial intelligence (AI).
Similarly, ICAEW believes that to grasp opportunities offered by the green transition, the next government must deliver a net-zero investment strategy within a transition plan for the whole economy.
Vallance added: “These recommendations are based on our members’ knowledge and experiences. We hope that by bringing our thoughts together we can help to inform the forthcoming debates and party manifestos.
“Ultimately, we look forward to seeing the detailed policies the political parties would implement in government to achieve the economic resilience and renewal our members are calling for.”
