PracticeAccounting FirmsUK faces shortfall of 10,200 accountants by 2050

UK faces shortfall of 10,200 accountants by 2050

Ageing workforce could leave the UK with a huge accountancy black hole

THE UK WILL FACE a shortfall of about 10,200 qualified accountants by 2050, according to a study by a specialist recruiter.

Ranstad Financial and Professional estimates the shortfall will mainly be due to an aging workforce.

Using data on the European population from Eurostat, the statistical office for the European Union, the recruiter predicts a huge gap between employment demand and workforce supply.

The analysis showed that, with a predicted population of 74.5m in 2050, the UK will require a workforce of about 35.4m to meet demand. However, an aging population will leave the UK with just 32.3m people in employment.

Tara Ricks, (pictured) managing director of Randstad Financial and Professional, said: “If the UK economy is to grow and overcome the difficulties of the last few years then it requires a strong workforce capable of meeting demand.

“Our projections are conservative but they still portray a worrying scenario for the country over the coming decades. With an aging population, we need to ensure we are open for business and welcoming talent from around the world to bolster our workforce. Unfortunately, with a stagnant economy and crippling work-related migration policy, the UK represents a much less attractive option for both domestic and overseas talent.”

In a bid to stop talent moving abroad, average salaries for accountants has increased 7.5% since 2006, outstripping directors and chief executives who have seen their average salaries increase 1.3% over the same period.

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