Accounting industry ‘fails to keep pace’ in August as revenues fall 8.7%

Revenues in the UK accounting industry fell by 8.7% to £3.43bn in August, according to the latest ONS figures. This marks the lowest monthly billing this year so far, but is still 12% higher than revenues reported in August last year.

By comparison, revenues in the overall Services sector, which includes the accounting industry, contracted by 5% to £229.6bn in August 2024.

Overall however, the services sector is estimated to have grown by 0.1% in the three months to August 2024 compared with the three months to May 2024.

Commenting on the latest GDP data for August, Julie Matheson, accounting industry regulatory partner at Kingsley Napley said: “A lacklustre August is a typical seasonal trend but once again the Accounting industry seems to be failing to keep pace with the wider services sector which is worrying. 

“With a backdrop of slowing growth in the UK economy overall, firmwide leaders should be keeping a very close eye on finances and investment for the rest of the year.”

ONS director of Economic Statistics Liz McKeown added: “All main sectors of the economy grew in August, but the broader picture is one of slowing growth in recent months, compared to the first half of the year. 

“In August accountancy, retail and many manufacturers had strong months, while construction also recovered from July’s contraction. These were partially offset by falls in wholesaling and oil extraction.”