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ACCA has urged the new Labour government to prioritise finance and economics in the first 100 days of their leadership, after Keir Starmer secured a landslide victory for the party.
The association has welcomed Labour to outline timetables for addressing “key” issues such as economic, fiscal and corporate governance over these first 100 days.
In addition, it has called for a focus on increasing business confidence through improvements to HMRC, encouraging both domestic and international investment, and supporting small business owners.
According to ACCA, the UK is experiencing a large skills gap as multiple industries are in need of skilled workers to boost productivity and business growth.
As a result, it is advocating for a review of the apprenticeship levy, as well as the inclusion of a mutual recognition of professional qualifications in future trade deals.
Glenn Collins, head of technical and strategic engagement at ACCA UK, said: “ACCA calls on the new government to focus on creating a framework for growth, nurturing a transparent and trustworthy business ecosystem.
“ACCA would welcome any clarity from the incoming government on how it will address these concerns within the first three months in office.”
Meanwhile, accountancy firm UHY Hacker Young said it would like to see Labour implement tax reforms by reinstating “a properly empowered” Office of Tax Simplification.
Andrew Snowdon, chairman of UHY National Tax Group, said: “Tax simplification needs to be put back on the agenda. It seems that both main political parties have given up ambitions to at least keep the amount of tax red tape in check.”
On the topic of the timeline of Making Tax Digital, Snowdon added: “There still remains huge uncertainty over whether Making Tax Digital will happen. The next government should make a clear statement on this so the tax industry and the self-employed can properly plan.”
Adrian Young, a tax partner at Hurst, also noted “that stability is the most valued attribute” that likely incoming chancellor Rachel Reeves can bring, having spoken to local business leaders in the North West.
Young said: “Now that the long-predicted Labour win has come to pass, focus in the north west business community is turning to what it all means in practice. I would therefore like to see a period of reflection before any material calls are made by the incoming government with regard to tax.
“I think we can expect to see Labour’s tax plans gradually coalesce over the summer months in the build-up to an early autumn budget which will set the tone as the incoming government starts to find its feet.”
He added: “It remains to be seen whether Reeves delivers on her promises of a lighter-touch growth platform or whether, as Rishi Sunak the outgoing prime minister repeated, Labour reverts to type with a tax-and-spend agenda.”
