- GDP contribution of accountancy profession increased 22% in five years
- Profession supported almost one million jobs
- Accountancy generated £11 billion (€14 billion) in tax revenues
The accountancy profession - comprising the accountancy sector, as well as accountants working across the wider economy - made a combined £98 billion (€114 billion) contribution to the UK and Irish economies in 2022, a new report published today (Tuesday 30 January) by Oxford Economics has revealed.
Commissioned by the Consultative Committee of Accountancy Bodies (CCAB), the report further found that the profession supported over 900,000 jobs (911,800) in the UK and Ireland, and generated £11.4 billion (€13.7 billion) in tax revenues in 2022.
The total GDP contribution of the profession in the UK and Ireland grew by approximately 22% between 2017 and 2022, when adjusted for inflation.
Expenditure on accounting services by businesses in the UK reached almost £30 billion (£29.3 billion) in 2022. The same year, the UK also exported £4 billion in accounting services, increasing its share of total UK service exports since 2016 by 0.3% percentage points, despite the changed trading landscape post-Brexit.
CCAB said the findings highlight the key role the profession has played supporting businesses over the past five years, helping them to navigate the impacts of the Covid-19 pandemic, Brexit and geo-political crises like the war in Ukraine, as well as the transition to a green economy and new technology.
Julia Penny, CCAB Chair, said: “The significant contributions highlighted in this report underline the value of the accountancy profession to the prosperity of the UK and Ireland. Accountants are playing a key role in driving economic growth: helping millions of businesses to navigate global challenges and opportunities, as well as leading schemes to boost social mobility and access to the profession.
“It’s not surprising to see that contributions have grown during the past five years given the impact of the pandemic and cost of doing business crisis. Demand for our knowledge and skills remains strong, in part thanks to our expanding roles in dealing with a range of non-financial information. I expect accountants to retain a central role as the profession evolves to further help businesses adapt to the climate emergency and technological advances, issues on which our future economic success and stability depend.”
The report assesses both the economic and wider social impact of the profession to the UK and Ireland, with quantitative analysis supplemented by case studies which provide a snapshot of the positive contributions that accountants are making in the areas of diversity and inclusion; skills; and sustainability.
On sustainability, Tanya Steele CBE, Chief Executive of WWF UK, said in her foreword to the report that she is encouraged to see the accountancy profession taking a leading role in shaping the work ahead.
Dr Alan Belfield, Co-Chair of the Professional & Business Services Council (PBSC), added: “The Professional and Business Service professions are a large and vital pillar which supports the prosperity of the UK and Ireland, and accountancy is no exception. The sector provides crucial advice that enables businesses, both large and small, and in every region, to become more productive, profitable and competitive. I am not surprised to see its contribution to the UK and Irish economies has increased in recent years.”
CCAB is an umbrella organisation for the UK and Ireland’s leading accountancy bodies - ICAEW, ACCA, ICAS, CIPFA and Chartered Accountants Ireland. Membership of CCAB bodies has grown by 14% since 2017, and these bodies reported more than half a million students registered globally during 2022.
Read the full report to discover the breadth of the accountancy profession’s impact and CCAB’s commitment to driving sustainable growth among the organisations, economies, and communities it serves.
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