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ACCA response to BoE growth forecast

February 3rd, 2017
Author: Economic Voice Staff

Responding to yesterday's announcement that the Bank of England has improved its growth forecast for the next three years John Williams, Head of ACCA UK, said:

It is obviously good news that the Bank of England is predicting higher growth than anticipated and that the Brexit vote has not triggered the immediate economic pain many predicted. This should be seen as testament to the UK’s many underlying strengths in manufacturing, finance and services.

"Yet we should be cautious about striking an over-celebratory note. ACCA’s own recent Global Economic Conditions Survey revealed that many UK firms are delaying capital and employment investment due to uncertainty ahead of the negotiations starting, and confidence is at the lowest level in six years. Meanwhile, productivity stagnation remains a major concern for the UK in particular.

Bank of England by mattbuck (CC-BY-SA-4.0)

Bank of England by mattbuck (CC-BY-SA-4.0)

"Over the crucial next few months and years, the Government needs to call upon the expertise and insights of its world-class financial and professional services sector to ensure the UK can continue to thrive outside of the EU and single market."

Fieldwork for the Q4 2016 Global Econimic Conditions Survey took place between 24th November and 13th December 2016 and attracted 4,551 responses from ACCA and IMA members around the world, including more than 350 CFOs.

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A copy of the survey can be found here: www.accaglobal.com/uk/en/technical-activities/technical-resources-search/2017/january/global-economic-conditions-q4-2016.html

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