Industrial Strategy must tackle productivity and the skills gap

ACCA (Association of Chartered Certified Accountants)

Commenting on the Government’s new Industrial Strategy, launched by the Prime Minister today, John Williams, Head of ACCA UK said: "Government intervention to address faltering productivity across the UK is a positive step towards meeting many of the underlying structural challenges facing the economy including regional inequality and low wage growth.

“To succeed Government must prioritise growth driving industries including our world-leading business and professional services sector which accounts for an estimated 14% of GDP. The accounting profession is an important part of this sector as well as a great British export.”

John Williams adds that tackling the skills gap is vital for long-term economic success: "The need to address the skills gap is more critical than ever. We welcome the focus on STEM industries to up-skill the UK workforce to compete in an increasingly global market.

"Measures to advance research and development in areas such as digitisation and AI in collaboration with our world leading higher education sector will also help provide the foundations for knowledge intensive industries where the UK continues to exceed its competitors."

Commenting on the commitment to loosen the regulatory framework John Williams said: “Cutting needless red tape will be welcomed by many. The profession stands ready to work with Government and business to identify where the economic benefits will accrue here.