ICAEW outlines recommendations to boost UK productivity

Feb 8, 2024

The Institute for Chartered Accountants in England and Wales (ICAEW) has outlined a manifesto to urge political parties to develop a new vision for the UK economy ahead of the general election.

The ICAEW's focus is on seven key areas, including enhancing economic resilience, addressing weak productivity, and creating an environment conducive to business growth.

The 16-point productivity plan includes proposals for business start-up passports, a simplified and digitalised tax system, and a commitment to exceeding 3% of GDP in research and development spending.

The manifesto also covers areas such as planning reform, housing, energy, transport, sustainability and trade.

Some of the key recommendations include:

  • Introduce business start-up passports to streamline HMRC registrations, integrate with Companies House, and support banking set-up.
  • Host a national competition to designate hub status to cities and regions excelling in championing technologies.
  • Establish a permanent body accountable directly to parliament to check that the regulatory regime is functioning as intended.

Iain Wright, ICAEW managing director, said:

"This set of recommendations, grounded in the insight and experience of our members across the country, will help the next government and parliament take the actions necessary to make it easier to start, run, and grow a business and boost the resilience and strength of the UK economy."

The full manifesto can be found on the ICAEW website.

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