Brexit uncertainty overshadows UK’s economic confidence since mid-2017

The latest Global Economic Conditions Survey (GECS) from ACCA (the Association of Chartered Certified Accountants) and IMA® (Institute of Management Accountants) released today has revealed economic confidence in the UK has dipped to its lowest level since the second quarter of 2017.

The recent survey found economic confidence fell by five points since Q2. ACCA’s head of business insights, Narayanan Vaidyanathan, says:

‘Despite the latest figures showing the economy is performing reasonably well, confidence continues to fall amongst our respondents, as the uncertainty surrounding Brexit weighs on sentiment.

‘If a last-minute deal is agreed, then we can expect business investment to hold up reasonably well. In addition, the improvement in the government’s fiscal position should lead to an easing of austerity over the next couple of years.

‘When it comes to personal finance, consumers are very optimistic – the level of unemployment is low, wage growth is picking up and interest rates are still quite low and likely to increase at a very gradual pace.’

GECS is the largest regular economic survey of accountants around the world, in terms of both the number of respondents and the range of economic variables it monitors. The report can be found on ACCA’s website.                             

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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 208,000 members and 503,000 students 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 104 offices and centres and more than 7,300 Approved Employers worldwide, who provide high standards of employee 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.

ACCA is currently introducing major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally. 

Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability.


About IMA® (Institute of Management Accountants)

IMA®, named 2017 and 2018 Professional Body of the Year by The Accountant/International Accounting Bulletin, is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA® (Certified Management Accountant) program, continuing education, networking and advocacy of the highest ethical business practices. IMA has a global network of more than 100,000 members in 140 countries and 300 professional and student chapters Headquartered in Montvale, N.J., USA, IMA provides localized services through its four global regions: The Americas, Asia/Pacific, Europe, and Middle East/India. For more information about IMA, please visit www.imanet.org.

 

 

 

"If a last-minute deal is agreed, then we can expect business investment to hold up reasonably well."

Narayanan Vaidyanathan, head of business insights - ACCA