Spring Forecast

ICAEW’s Chief Executive Alan Vallance wrote to Rachel Reeves ahead of the Spring Forecast on 3 March. The letter outlined ICAEW’s recommendations for spurring business-led growth and highlighted its commitment to working with Treasury to foster a more stable and supportive environment for business over the remainder of this parliament.

ICAEW is focused on three broad areas where government can help underpin business-led growth:

1. encouraging a clear medium-term framework for taxation that gives businesses confidence about the direction of travel;
2. committing to a simple operating environment for the entrepreneurial SMEs that are the foundation of the UK economy; and
3. preserving fiscal credibility while doing more to unlock private sector investment. 

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Business insights on Middle East conflict

In March, ICAEW conducted a rapid survey of nearly 500 members on the economic impacts of the Middle East conflict. As advisers to and senior executives running globally active businesses across sectors including finance, infrastructure, energy and professional services, ICAEW members often see effects early through changes in energy markets, supply chains and international investment decisions.

The results of the survey were shared in a briefing to political stakeholders across Number 10, the Treasury and the Department for Business and Trade, as well as opposition MPs and relevant select committees.

The respondents highlighted their exposure to developments in the region through trade, investment, energy price volatility, and the tightening of supply chains, travel policies and access to finance.

The briefing set out several small practical areas where government action could help mitigate those risks. ICAEW has offered to continue to support policymakers by sharing ongoing insights from members operating internationally and facilitating rapid engagement with businesses across affected sectors.

Engagement with the Liberal Democrats

ICAEW engaged with the Liberal Democrats on business issues in March, including through a bilateral discussion on regulatory reform and participation at the party’s Spring Business Summit.

Chief Policy and Communications Officer Iain Wright met with Liberal Democrat Business Spokesperson Sarah Olney, who was interested to hear about ICAEW’s research into simplifying regulation for businesses. In particular, the pair discussed ICAEW’s suggestions for simplifying employment status rules and cutting duplicate reporting requirements ensuring that businesses only have to ‘tell government once’.

The Liberal Democrats’ Spring Business Summit, meanwhile, was an opportunity to engage directly with leading Liberal Democrat parliamentarians and policymakers while the party is openly testing policy ideas with business leaders and industry experts.

As ever, ICAEW is committed to engaging with stakeholders across the political spectrum on key business and economic issues to help shape effective policy and support sustainable growth.