ICAEW’s president Nick Parker has called for the incoming government to ensure it is equipped to tackle the deficit and handle Brexit while improving the business environment for SMEs.

“The government needs to generate income in order to invest in the economy whilst paying down the national debt; however the UK deficit is rising faster than expected. It is clear that Government is under-resourced in terms of its financial management expertise and systems, and this needs to be addressed,” he said at the president’s lunch in a keynote speech.

ICAEW wants to see change in the business environment, which impacts the ability of small businesses in particular to grow and succeed, he continued. These changes would include public funding, renewing or replacing EU originated programmes, incentivising SMEs and enhancing their access to finance, Parker explained.