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The Chartered Institute of Management Accountants releases blueprint to drive post-COVID-19 economic recovery

Focusing on skills, innovation and sustainability is essential to build back better from the pandemic

23 November 2020, London – Ahead of the Chancellor’s Spending Review on 25 November 2020, The Chartered Institute of Management Accountants (CIMA), the world’s largest body of management accountants, has released a comprehensive plan Budgeting for recovery and a long-term economic future for the UK to support the country’s post-pandemic recovery, help pay back the cost of the pandemic, and build a more robust, reimagined economy.

CIMA’s proposals include a range of short-term actions and long-term proposals designed to invest in people, stimulate business innovation and shift to a greener economy. Together they provide a path forward to strengthen the country’s economic foundations, tackle long-term structural challenges such as productivity and ensure that the UK economy is fit for a post-Brexit future.

Andrew Harding, FCMA, CGMA, Chief Executive – Management Accounting, commented: 

“COVID-19 has seen the UK Government put strong emphasis on tackling short-term issues to help people and businesses cope with the immediate effects of the crisis. The UK now needs a longer-term economic plan to tackle systemic issues and deliver sustainable growth. Given the surge in unemployment it is essential we invest in policies that deliver transformational skills needed for a post-Brexit Britain.”

CIMA’s key proposals to the Government include: 

  • Making skills and professional development training mandatory in new job support and retention packages to close the country’s skills gap and improve productivity.
  • Creating a rebuttable right to retrain to empower workers to request further training and professional development.
  • Increasing the number and range of investment opportunities in SMEs for non-specialist investors such as ordinary savers, making it easier to match potential investors with good businesses seeking investment.
  • Proactively supporting businesses to seize new opportunities by creating a Growth Accelerator scheme for SMEs.
  • Introducing a new digital voucher scheme to help SMEs move online to boost demand for their products and extend their customer base. 
  • Adoption of integrated reporting for businesses across the UK to better showcase how they create value, beyond financial results, for all stakeholders
  • Investing in green infrastructure supporting a net-zero recovery and future business sustainability. 

Read Budgeting for recovery and a long-term economic future for the UK in full here

Notes to the editor

Join our Facebook Live discussing CIMA’s recommendations for driving UK economic recovery at 4:30pm GMT on 24 November with Andrew Harding, FCMA, CGMA, Chief Executive – Management Accounting and Samantha Louis, FCMA, CGMA, Vice President – International Advocacy.