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Revenues in the accounting industry fell by 11% in August to £3.4bn, compared with £3.8bn in July, according to the latest data from the Office for National Statistics (ONS).
The figures mark the lowest monthly total for the sector so far this year and the weakest performance in the past 12 months. Revenue was also 1.36% lower than in August 2024.
Across the wider services sector – which includes accounting – revenues declined 7% month-on-month, from £245bn in July to £227bn in August. Compared with the same month last year, services revenues were down 0.5%.
Overall economic output edged up by 0.1% in August, the ONS said, following a revised 0.1% fall in July.
Julie Matheson, accounting industry regulatory partner at Kingsley Napley, said: “August is usually a slow month given holiday season so today’s figures are hardly surprising especially considering the backdrop of a sluggish economy overall.
“Many are saying September and October are proving tricky months until businesses know the impact of the Autumn Budget. To that end accounting firm leaders must continue to be prudent in their financial planning and with regard to their cost base in particular.”
