ACCA has announced five recommendations for implementing an “effective” strategy for international trade once the UK leaves the EU.
Ahead of the general election on 8 June, ACCA called on the next government to leverage the “soft power” of UK plc and professional bodies in order to open up trade opportunities.
Helen Brand, chief executive of ACCA said: “As the global body for professional accountants, ACCA has spent the last century building networks across 178 countries.
“The next government needs to tap into the wealth of resources and extensive global network that professional bodies, such as ACCA, have to offer during the Brexit negotiations process. A strong international trade strategy is key to the UK’s successful departure from the single market.”
The institute outlined the following five recommendations:
- Ensure that Brexit negotiations allow business and professional services to “continue to thrive”, while also recognising the sector’s contribution to UK GDP and revenue.
- Align the international strategy closely with the UK industrial strategy.
- Support SME internationalisation by removing obstacles that are currently in place. This would involve providing SMEs with government-backed insurance so that they can operate on an international stage and have improved market access.
- Allow for a “smooth transition” for UK financial services by treating equivalence as an early priority during the negotiations.
- Build regulatory coherence between the UK and EU markets for financial and professional services.
Brand added: “While considerable resources from across government and business are, understandably, focused on the Brexit process, there must also be resource dedicated to worldwide trade and ensuring that the UK remains open for business, education and investment.”
Accountancy Age recently spoke to Chas Roy-Chowdhury, head of taxation at ACCA, about what the future holds for the government’s Making Tax Digital initiative.