Growth and trade

The Leader of the Opposition, Kemi Badenoch, delivered a speech on welfare policy and growth at Chartered Accountants’ Hall on 9 September. In her speech, Badenoch emphasised the importance of reducing welfare expenditure. She also offered Conservative parliamentary support to the government, contingent upon the introduction of relevant legislation.

ICAEW CEO Alan Vallance, who had provided opening remarks at the event, led a fireside chat with Badenoch after her speech concluded. You can listen to the discussion via our Insights Podcast or watch video.

September also saw the Pension Schemes Bill reach committee stage in the Commons. In preparation, ICAEW shared a briefing with parliamentary stakeholders highlighting its priorities for the legislation. While ICAEW welcomes the government’s drive to unlock long-term capital for UK growth, the briefing emphasised the need for pension reform to contain proportionate safeguards, grounded in sound governance principles.

Meanwhile, ICAEW was referenced at the third reading of the Employment Rights Bill in the House of Lords. Lord Londesborough stated that the Bill has prompted ICAEW and other organisations to ask about the government’s ability to deliver “...their overriding number one mission – real, sustainable economic growth – and how the Bill will impact on the two crucial ingredients behind growth: job creation and... productivity”.

As a result of extensive engagement with Lords on this Bill, ICAEW was also mentioned at second reading, committee stage, report stage and third reading. The Public Affairs team also distributed a briefing to opposition stakeholders ahead of the Bill’s return to the Commons.

The briefing reiterated points raised throughout ICAEW’s engagement with Lords and recommended that MPs support amendments introducing a six-month qualifying period for unfair dismissal claims, rather than making unfair dismissal a ‘day one’ right. It also called for the right to a guaranteed hours contract to be a right to request, rather than a right to be offered.

In September, ICAEW also held a joint call with the Secretary of State for Business and Trade Jonathan Reynolds and Minister for Industry Sarah Jones , focusing on the department’s growth priorities for the coming months:

• the reduction in energy costs scheme, and
• the delivery of the Industrial Strategy. 

Reynolds reflected on recent achievements and present challenges, including the India trade deal, the Investment Summit, the Industrial Strategy and the Backing Your Business SME plan. He acknowledged the volatility of US tariffs and that this remained one of his priorities. Jones invited businesses to work with the government on the delivery of the Industrial Strategy.

Skills and mutual recognition

ICAEW submitted a response to the Business and Trade Committee’s inquiry on UK trade with the US, India and EU. The submission stressed that the lack of binding mutual recognition of professional qualifications provisions across the three agreements is a major barrier to professional mobility and cross-border service provision.

ICAEW urged targeted member recognition agreements, with better coordination, and taking learnings from successful smaller-market agreements such as those with Australia and Switzerland. The submission called for interoperability in sustainability reporting to assess environmental impact and support CBAM compliance. ICAEW recommended that parliament assess agreements and trade success based on trade and investment growth, business competitiveness, market diversification, and resilience and certainty for long-term planning.

Separately, ICAEW's Head of Tech Policy, Esther Mallowah, met with three officials from the Department for Business and Trade. At the meeting Mallowah updated the officials on AI-related developments in the accountancy sector pertaining to skills acquisition and regulation.

Key developments discussed include the fact that many members saw the AI Upskilling Fund application process as overly burdensome, and the growing influence of private equity within the sector. The officials expressed interest in the ICAEW GenAI Accelerator Programme and its research on the evolution of mid-tier accountancy firms.

In September, ICAEW also hosted a roundtable event with Mid-Leicestershire MP Peter Bedford, who is also a member, which was also attended by representatives of local firms. The event focused on skills policy and acquisition and was an opportunity for Bedford to hear about the contribution the accountancy profession makes to the local area. The event also allowed members to ask Bedford about the Conservatives’ priorities for businesses like theirs, especially in relation to skills and apprenticeships.

Concerns raised over inheritance tax changes

Ahead of ICAEW’s Farming Conference on 25 September, Shadow Business and Trade Minister Dame Harriett Baldwin sent a letter to the then-Exchequer Secretary James Murray on ICAEW’s behalf. The letter highlighted member concerns about changes to inheritance tax relief on agricultural and business property.

The Exchequer Secretary responded addressing ICAEW’s points on the £1m allowance, indexing the cap to inflation, valuation, lifetime gifts and HMRC resourcing.

ICAEW attends party conferences

ICAEW is conducting a comprehensive programme of engagement across this year’s party conferences, as part of our commitment to engage with policymakers across the political spectrum.

This work kicked off with the Public Affairs team attending Business Day at Reform UK’s National Conference 2025 in Birmingham. Subsequently, Chief Policy and Communications Officer Iain Wright attended the Liberal Democrat Autumn Conference in Bournemouth.

Wright held meetings with the Liberal Democrat Lords Business Spokesperson Lord Fox, Health and Social Care Spokesperson and ICAEW member Helen Morgan, and Deputy Leader and Treasury Spokesperson Daisy Cooper. He discussed ICAEW members’ insights about the barriers facing businesses and how the institute can share expertise.

Wright also attended the Liberal Democrat Business Day, which included roundtable sessions, a networking business lunch and a business drinks reception with party leader Sir Ed Davey.

ICAEW is set to attend the Labour, Green Party and Conservative Party conferences in the coming weeks.