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Most accountants (94%) in the UK lack confidence in the national economy, according to new research from the Association of Chartered Certified Accountants (ACCA).
The survey, published ahead of the Autumn Budget, found that just 6% of finance professionals are optimistic or undecided about economic prospects, while almost two-thirds (64%) believe the outlook is negative.
Employment taxes, rising costs and regulatory pressures were cited as the most significant challenges for businesses. Some 60% of respondents identified employment taxes as the single biggest barrier to growth, followed by spiralling costs (25%) and regulatory burdens (13%).
More than half (57%) said inefficiencies at HM Revenue and Customs (HMRC) were having a negative effect on their organisation or clients. Respondents called for shorter call waiting times, better communication and priority access for professional agents.
Around a third (30%) of accountants said reducing business costs would do most to boost growth, while 37% believe the Government’s top priority in the Budget should be stimulating the economy. Nearly a quarter (23%) called for greater long-term clarity on tax and spending plans.
Gemma Gathercole, strategic engagement lead for England at ACCA UK, said: “These results should be a wake-up call for the Chancellor. Ninety-four percent lack confidence in the economy. More than half say HMRC inefficiencies are having a negative impact on their organisation or their clients.
“As accountants, we are at the frontline of business and our message for the upcoming Budget is clear: cut business costs or cut growth.”
ACCA represents more than 247,000 members and 526,000 students globally.
