Accounting revenues rise 3.5% in October despite weak economy

Revenues across the UK accounting industry have increased by 3.5% in October to £3.99bn, up from £3.86bn in September, according to data published by the Office for National Statistics (ONS). 

October marked the third strongest month for accounting revenues so far this year, after January and March. 

Despite the monthly increase, revenues were 3.9% lower than in October 2024, highlighting continued year-on-year pressure on the sector.

The performance contrasted with the wider services sector, which saw revenues fall by 4% month-on-month to £248bn in October, from £257bn in September. On an annual basis, services revenues were 2.5% higher than a year earlier.

The ONS said the overall UK economy contracted by 0.1% in October, with the services sector contributing most to the decline.

Julie Matheson, accounting industry regulatory partner at Kingsley Napley, said: “We now know that most of the UK economy was in pause mode in October awaiting the Autumn Budget so it is good news that accounting seems to have bucked the trend. 

“However, this is no moment for complacency because sector performance is down year on year and clearly accounting firms are not immune to the fragile state and growth challenges of the UK economy. Leaders must clearly continue to be prudent in their financial planning for 2026.”