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August 17, 2020

UK officially in recession

By Zoya Malik

Jodie Gill, Director of Engagement and Communications at CABA, the charity supporting the wellbeing of chartered accountants and their families comments in the UK entering a recession

“The UK is officially in recession for the first time in 11 years, with hundreds of thousands of people already out of work. Sadly, many more redundancies are expected to be announced over the next few months in just about every sector, including accountancy.

“Losing your job during a recession is one of the most stressful events you can go through, for both you and your family. People with financial difficulties are more likely to experience mental health issues, which can sometimes lead to panic attacks, insomnia, poor physical health and a breakdown in personal relationships. With accountants, this can be even more excruciating. However, it’s important to remember that no-one is immune from the difficulties the economy is facing. Any financial professional, no matter how successful they are, could face redundancy, or see their practice lose important clients.

“For anyone who has been made redundant or is facing redundancy or financial hardship as a result of the pandemic, or if you know someone in the profession who is facing similar challenges, we are here to offer you our unconditional support. Since the start of the pandemic we have been providing ICAEW chartered accountants, ACA students, and their families with a range of services, including financial assistance, debt management and mental wellbeing support, as well as a huge collection of online self-help guides.

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