The economic impact of the coronavirus – ACCA welcomes recommendations made in the Treasury Committee’s report

ACCA UK has welcomed the publication of the latest edition of the Treasury Committee’s report ‘Economic impact of coronavirus: gaps in support and economic analysis.’

ACCA UK’s Glenn Collins, head of technical advisory and policy, gave evidence to the Committee’s oral evidence session on the 20 January, highlighting the vital need for a Directors Income Support Scheme (DISS) to support self-employed directors.

Glenn Collins says: ‘The government needs to be very clear about next steps for those businesses and entrepreneurs that have been forgotten. Otherwise, the government risks sending out a message to current and future SME owners or entrepreneurs that it does not recognise the value they bring to the UK economy. We are supporter of DISS and stand ready to help the government and policy makers about next steps.’

ACCA UK also agrees with the Committee’s other recommendations including the need to avoid unnecessary cliff edges on all support but especially with the Self-Employment Income Support Scheme (SEISS).

Glenn Collins concludes: ‘The Committee’s recommendation for a multi-specialist approach to lifting the lockdown is also to be commended - epidemiologists, economists and health experts to work together to give business and the general public confidence about next steps out of this winter lockdown.’

The Treasury Committee's report is here: https://publications.parliament.uk/pa/cm5801/cmselect/cmtreasy/882/88201.htm

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Notes to Editors

ACCA UK has joined forces with Forgotten Ltd, Federation of Small Businesses (FSB) and Rebecca Seeley Harris to call for this Scheme.

About ACCA: ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.

ACCA supports its 219,000 members and 527,000 students (including affiliates) in 179 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 110 offices and centres and 7,571 Approved Employers worldwide, and 328 approved learning providers who provide high standards of learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.

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"The government needs to be very clear about next steps for those businesses and entrepreneurs that have been forgotten. Otherwise, the government risks sending out a message to current and future SME owners or entrepreneurs that it does not recognise the value they bring to the UK economy. We are supporter of DISS and stand ready to help the government and policy makers about next steps."

Glenn Collins, head of technical advisory and policy - ACCA UK