UK accounting industry turnover plummets by almost one-fifth

UK accounting industry turnover plummets by almost one-fifth
The turnover of the UK accounting industry fell to £3.37bn in April, down 18% from March 2022, according to Office of National Statistics data, prompting fears that the sector will shrink longer term.
The UK services sector (including accountancy and bookkeeping) had a combined turnover of £213.3bn, a fall of 13% from March.
Julie Matheson, an accounting services partner at law firm Kingsley Napley, told Accountancy Today: “April figures generally show a dip coming after year-end financial reporting, although we will clearly be watching that this isn’t the start of a longer-term trend linked to an economic slowdown.
“Either way, firm leaders need to be very aware of the wider economy in their forward planning as well as salary pressure and upcoming regulatory reform in order to remain resilient and competitive over the second half of the year.”