Tag Archives: Glenn Collins

Accountancy

ACCA’s response to small business strategy

Glenn Collins, head of technical and strategic engagement, ACCA, said: “ACCA applauds the government for acknowledging the vital contribution that small and medium sized business (SMBs) make to the UK economy. We look forward to seeing the detail in the new small business strategy.

 

“We also welcome that this recognition of the challenges facing small businesses is being backed up by action – action that ACCA and its members have been calling for loudly and consistently over many years.

 

“Late payment is a persistent problem that is crippling SMBs, so more robust action is warmly welcome. ACCA previously called for stronger powers for the Small Business Commissioner in addition to greater corporate responsibility for prompt payment. However, we recognise that this is a complex issue and further detailed discussions will be required to ensure new legislation is both practical and effective for businesses.

 

“Access to finance is a demonstrable barrier to growth and a source of constant frustration for growing enterprises. Therefore, boosting start-up loans looks like welcome news. We know as key advisers to small firms, our members will be working hard with the business community to access the finance they need at the time they need it. In particular, we welcome the Bank’s flagship Growth Guarantee Scheme, established in August 2022, which has been extended through the Spending Review period to 5 April 2030. This puts the scheme on a long-term footing and gives finance providers and smaller businesses certainty about its future. We know our members are integral to making sure that this scheme works as intended.

 

“At a time when our ongoing research shows business confidence is at a low ebb, we hope that this positive action to tackle longstanding barriers to small business growth will provide a much-needed boost of confidence.”

Accountancy & Accounts, FInance, Finance and Banking, Politics

Accountants praise government for promising action – but more still to be done

  • In the first 100 days the government has taken some positive steps but significant barriers to economic growth and increased productivity remain
  • Proposals to late payments, corporate governance regulation, and local authority audit backlog all welcomed as announcements

 

As Keir Starmer’s Labour party celebrates 100 days in office, global accountancy body ACCA (the Association of Chartered Certified Accountants) calls on the UK government to stay focused on the key priorities to boost economic performance and business growth, and to be clear on this vision to boost optimism.

 

Just over three months since Labour’s decisive victory at the 5 July General Election, ACCA is encouraging the new government to stick to its priorities of putting economic growth at the heart of its agenda for the country.

 

Glenn Collins, head of technical and strategic engagement at ACCA UK, said: “We have seen some encouraging signs that the new government’s Treasury and business team understand the worries of the business sector and the concerns that we hear consistently from our 100,000 UK based members.

 

“We want them to build on the foundations that they have set out and we will continue to hold them to account.”

 

ACCA reports that members support the government’s emphasis on growing the economy, and ACCA welcomes moves over the first 100 days including:

 

  • Action on late payment which ACCA has consistently called out as a blight on the growth prospects of small business.
  • The appointment of a government minister as chair of HMRC board. ACCA hopes James Murray’s appointment will result in further investment in HMRC and strengthen delivery, particular around HMRC service levels which continue to be a major drag on business effectiveness.

 

  • The King’s speech announcement of long promised regulation on corporate governance including placing the planned new regulator, the Audit, Reporting and Governance Authority (ARGA), on a statutory footing and setting out clear expectations and accountability for boards, management and auditors.

Lloyd Powell, head of ACCA Cymru/Wales added: “The government needs to build on progress to date and to build confidence. Business confidence is low with many highlighting uncertainty and challenges in their day-to-day work. We feel the government has a critical month ahead to provide to business insight on industrial strategy at the upcoming International Investment Summit, and to see this clarified further at the Autumn Budget.”

 

Visit ACCA’s website for more information.