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Introduction

Good morning everyone. My name is Alan Vallance, I’m the Chief Executive of ICAEW, and it’s my pleasure to welcome you all to our 2025 Annual Conference.

It’s remarkable to think this is only our third Annual Conference, as this event has already built such a reputation for the quality of its insights, inspiration and networking.

I think it’s safe to say this is already one of – if not the – flagship ICAEW event for our profession and wider business and finance.

And its profile continues to grow, with over 40% more delegates than last year – and we are for the third year completely sold out.

We also once again have with us a diverse mix of members from businesses of all sizes and sectors right across the economy, together with those who work in practice, supporting those businesses. Delegates have travelled from all over the country to be here – as well as from across Europe, the United States, South Africa, Hong Kong and India. We’re delighted to have you all with us.

I’d like to thank all the speakers contributing to today’s sessions – I think the calibre of this year’s line-up is quite possibly the best yet.

And a special thank you to MHA, our headline sponsor for the conference, as well as to our valued session and exhibitor sponsors for their support. I encourage you all to take some time to visit the exhibitor stands located in the gallery outside the Grand Hall to explore tools and services to support your work.

Conference theme

Our theme for this year is “Thriving in Transformation” – which means today is built around supporting you and your organisations to succeed in the rapidly changing economic environment.

We’ll be looking at how to balance AI and other advancements with human insight; we’ll be examining how to advance climate goals; and we’ll be considering the kind of leadership that’s required to achieve this success.

The programme includes high-level horizon-scanning sessions from those at the forefront of policymaking and the economy, together with deeper dives into those breakout themes of technology, sustainability and leadership, and inspiring talks from ICAEW members.

UK economy

Those concepts of thriving in a new world, adapting to the present and laying the foundations to succeed in the future are particularly pertinent right now.

The UK finds itself at an economic inflection point. Business confidence is falling, investment is stalling, and everyday decisions are being slowed by uncertainty, complexity and cost.

Policymakers talk a lot about growth – but the businesses trying to deliver it are being held back.

ICAEW’s Business Confidence Monitor – one of the largest UK surveys of business activity and sentiment – has shown confidence in freefall for more than a year, and our latest findings provide a stark reminder of the perilous situation facing businesses as they continue to grapple with cost pressures – notably tax worries which are currently at a record high.

New ICAEW research issued today finds that for 8 in 10 organisations, April’s major rise in costs – notably the National Insurance increase – has negatively impacted their business. Additionally, more than half of businesses plan to reduce headcount or freeze recruitment, and one in three plan to slash investment – both key levers of growth and productivity – if further tax rises are announced in next month’s Autumn Budget.

This is a clear sign that many are reaching a tipping point over skyrocketing operating costs.

In all, we believe there are three main reasons why the prospect of sustained growth seems so far away.

The first is that businesses face too much uncertainty. While some of this is due to global headwinds, it’s also the case that frequent rule changes and mixed messages on tax make planning impossible, and firms are wary of making long-term investments.

The second is that it’s frankly too difficult to do business. Complex and outdated VAT systems, ever-dwindling HMRC service standards, and excessive bureaucracy on company reporting, are preventing chartered accountants and others from advising businesses on raising finance for growth.

And thirdly, it’s too expensive to do business. Lack of flexibility on business rates is punishing investment and hindering expansion – and overlapping, duplicative rules are making compliance costly and innovation harder. Soaring energy costs and skills shortages are further adding to the pressure.

So the uncertainty, difficulty and cost of doing business are holding growth back. If we’re serious about growth, government must show it is firmly on the side of enterprise – and must give businesses what they need to invest, hire and innovate.

Autumn budget

Specifically, we’re calling on government to use the Autumn Budget to focus on three themes.

Firstly, ending the uncertainty – by guaranteeing no further business tax rises in this parliament, publishing a long-term tax roadmap, and setting out a clear path to sustainability with an economy-wide transition plan.

Secondly, making doing business easier – simplifying VAT by using this Budget to being consulting on a path towards a single rate with minimal exemptions to create a fairer and more predictable system, and by fixing HMRC service standards.

And thirdly, cutting the cost of doing business – by replacing the outdated business rates system with one that promotes growth and productivity, cutting energy costs to restore competitiveness, reducing red tape and reforming income tax.

We know that businesses stand ready to drive growth forward, and will do so once they’re given the tools, incentives and opportunities.

And we still believe that with the right package of measures, Britain can be the best place in the world to invest – and to start, run and grow a business.

Indeed, many of our sessions today will be diving into those areas that can help organisations unlock their full potential and build their resilience.

Two of our keynote speakers this morning will be discussing the UK’s growth problem and the risks and opportunities associated with the UK’s economic outlook, and I look forward to hearing their insights.

Voice of Business

The reason this matters so much to our profession is because ICAEW members are a voice of business and the economy – and delivering growth will require the full strength and engagement of the business community.

87% of FTSE 100 companies, and 81% of FTSE 250 companies in the UK, have an ICAEW member on their board – at the heart of strategic decision-making.

We are trusted by the millions of organisations we run and advise across every region and sector of the UK, and we play an important role as a convenor of business sectors through our communities and regional policy boards. Our member network is invaluable in providing timely and responsive insight on what’s impacting businesses at every level.

Much of this is reflected in the work of our Faculties, which produce technical insight through internationally renowned thought leadership and expertise, and regularly respond to government and regulator consultations impacting business and growth. Our Faculties are focused on areas such as Audit and Assurance, Corporate Finance, Corporate Reporting, Financial Services and Tax – and can help build your knowledge and achieve your CPD goals.

Complementing this are the sectoral insights offered by ICAEW’s Communities – which bring together members on a broad range of industries and topics. Business-focused communities include Construction & Real Estate, Energy & Natural Resources, Entertainment, Sport & Media, Farming & Rural Business, Global Trade, Healthcare, Manufacturing, Retail, Small & Micro Business, and Travel, and Tourism & Hospitality. Membership of these communities is free to all ICAEW members, and some offer free membership to non-members too, so please do check them out online.

Conclusion

I hope the knowledge and insights you gain today will help you adapt to the transformation and thrive in it – whether that’s in technology, sustainability, leadership – or a combination of all three.

Thank you again for coming, thank you to our sponsors and speakers, and to everyone who’s helped organise this event. I hope you all enjoy it.

ENDS