Eurozone starting to impact on profession
Despite the UK's reluctance to join the single currency, the ICAEW says its members are already feeling the impact of 'one of the single biggest trading zones in the industrialised world'.
This was the message put across by ICAEW president David Illingworth yesterday as the institute launched The Impact of Trading with the Eurozone its guide for accountants dealing with companies that trade in the eurozone.
Illingworth said: ‘Research carried out by the institute suggests that 89% of chartered accountants report their business to somewhat affected by the euro – either directly or through exposure to clients and customers who are part of supply chains affected by the single currency.’
As an example, Illingworth said the advent of the eurozone has meant that businesses exporting to Europe were having to rethink their pricing structures.
He added: ‘The message is clear. The eurozone represents a considerable opportunity for UK business regardless of whether or not we decide to join.’