Leading global accountancy body calls for pragmatic economically focussed UK/EU relations

Leading global accountancy body ACCA is calling for the UK and the European Union (EU) to work for business and build stable, predictable and functional trading arrangements.

In a submission to the House of Commons' UK Business and Trade Committee on its call for evidence on trade with the EU, ACCA says it sees four priority areas for strengthening trade:

• Mobility of professional and skills recognition
• Regulatory co-operation and reduction of non-tariff barriers
• Supporting small and medium sized enterprises (SMEs) engaged in cross-border trade.
• Digital trade and data co-operation.

Glenn Collins, Head of Technical and Strategic Engagement, ACCA, said: 'While we've seen in the UK in the last few days political debate around Brexit continuing, in the context of an EU-reset we would encourage the Committee to lead dialogue on issues which we believe would have a material impact on trade.'

Increased mobility of professionals would support the UK's industrial strategy, ensuring qualified finance professionals, and those studying for a professional qualification can live and work in the UK.

Feedback from the ACCA network constantly highlights non-tariff barriers and regulatory fragmentation to be a leading constraint on UK/EU trade. Dialogue is required between the two blocs developing common frameworks on sustainability reporting, digital taxation, AI governance and finance ail oversight.

Jessica Bingham, Head of Regional Policy Development EEMA & UK, ACCA, said: 'A priority is helping SMEs trade with the EU. We know that our members struggle with increasing compliance burdens, including customs administration, VAT complexity, disrupted supply chains and increased reporting. ACCA continues to call for a 'think small first' approach.'

ACCA is also calling on government to understand how modern trade depends on digital interoperability and trusted data flows, with businesses only able to operate cross-border by using comparable digital systems.

Read the submission here.