PracticeConsultingICAEW survey shows euro support

ICAEW survey shows euro support

Nearly half of the accountancy profession believes the UK should adopt the euro, a survey by the ICAEW has indicated.

The poll signifies support for the euro could be growing, although the majority of respondents did not think the UK should commit to a specific timetable for joining. Of the more than 5,000 accountants who took part in the survey, 49% said the UK should adopt the euro. A further 31% recommend a ‘wait and see’ policy, and to delay any ‘in principle’ decision to join.

The study contrasts significantly with polls of the general public, some of which have shown support as low as 20%.

The online survey, which covered institute members working in both business and practice, asked respondents for their professional opinion on:

  • Their business’s current exposure to the euro through their clients/customers;
  • The current impact on the UK economy of non-membership;
  • The current impact on their business of the UK’s non-membership of the euro;
  • What the government’s future policy towards membership should be.

Graham Ward, president of the ICAEW, commented: ‘The exceptional level of response to our survey shows that chartered accountants see EMU as a major business issue. Our members have taken a pragmatic approach to this highly charged policy debate, with most wanting to keep open the option of euro membership.

‘The majority view on whether the UK should adopt the Euro ranges from favourable to agnostic, with relatively few opposed in principle,’ he said.

In a survey of finance directors in January, Accountancy Age found support for the euro had fallen. Just 44% of FDs indicated support for the single european currency compared with 51% six months earlier.

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