A survey by the Institute of Chartered Accountants of Scotland (ICAS) has found that nine in ten chartered accountants do not expect the UK Government’s Budget to increase economic growth.
The ICAS UK Budget Flash Survey, conducted after the Autumn Budget, found that 45% of respondents expect the measures to have a negative effect on growth.
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A further 47% anticipate no change, while only 8% expect the Budget to have a positive impact.
This comes after ICAS said that the Autumn Budget offered targeted support but lacked a long-term growth plan.
The organisation, in the latest survey, also found limited confidence in the UK economy.
Seven in ten respondents, or 70%, said they were not confident about its current health. Only 6% expressed confidence.
Around 64% of the respondents said the Budget had not improved trust in the government’s economic approach. This included 32% who strongly disagreed.
Only 13% said their trust had increased.
Measures announced in the Budget included energy bill support, expanded business rates relief in England, a higher national living wage, and proposed Founders’ Relief.
The Budget also included a temporary increase in the surcharge on bank profits, higher rates on savings and property income, and a reduction in the lifetime limit for Business Asset Disposal Relief.
ICAS said an earlier survey, conducted before the Budget, showed that 63% of respondents regarded tax simplification and certainty as priorities for long-term growth.
Sustainable public finances were selected by 58% of respondents, while 53% identified reducing business cost pressures as a priority. The latest survey was based on more than 200 responses from ICAS members.
