PracticeAccounting FirmsFirms predict increased growth but more red tape

Firms predict increased growth but more red tape

Barclays' survey of practices and businesses finds cautious optimism

FIRMS EXPECT steady and sustained growth over the next decade but also an increase in red tape, according to a new survey.

Barclays Corporate’s ‘Business in 2021’ survey questioned 660 business leaders, including those of 40 accountancy firms.

Two-thirds of the practices questioned said they foresee businesses facing more red tape over the next decade. However, 72% predicted steady growth over the period. Over half expect the UK to be a better place to do business.

Nearly all (96%) cited technology as a key driver for growth. Of all 660 respondents, professional services were considered the second-biggest driver for growth.

“It is clear that accountancy firms believe in the fundamental strength of the UK as a place to do business, and this underlines the temporary nature of the challenges we are currently experiencing,” said Jane Galvin, managing director and head of professional services.

She continued: “To see so many firms anticipating steady and sustained economic growth over the next decade should also be welcome news for a government that is focused on developing a growth strategy.”

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