About 57% of UK’s top accountancy firms are going to reduce staff numbers or keep them the same next year, according to the latest research by online recruitment group cvmail, part of media giant Thomson Reuters.

Although only 5% of firms said they actually planned to cut staff, the survey signalled the first significant pause in the dramatic growth of accountancy firms since the 9-11 terrorist attacks.

‘The effect of the credit crunch on top accountancy firms has been felt in a slowdown in corporate finance work and may feed through into consultancy work,’ Andy Eddleston, cvmail commercial manager, said.

‘However, their core audit and assurance and tax work should be largely unaffected. It is hoped that the vacuum created by the slowdown in areas like IPOs will be filled with rescue and recovery work.’