Just over one in seven (14%) accountants have a positive view of the UK economy, the Association of Chartered Certified Accountants (ACCA) has revealed.

Despite the Government stating that getting the UK economy back working is the "number one priority", ACCA’s latest survey data found that 86% of accountants either take a negative or neutral view of the current economic situation.

Ahead of the Budget on 30 October, ACCA has called on the Government to ensure that measures are announced to promote improved confidence in the economy and amongst its members.

The association added that it is "clear there needs to be decisive action announced to kick-start growth and investment", as well as "restore confidence amongst accountants".

Strategic engagement lead for England at ACCA, Gemma Gathercole, said: "The fact that less than a fifth of ACCA members have a positive view of the UK economy shows the stakes are high for the upcoming budget, with businesses needing to get clarity and confidence from the announcements.

"ACCA has welcomed recent announcements, such as tackling late payments and corporate governance regulation, and is encouraged by the early changes being introduced by HMRC. Our accountants have made it clear they are looking to the Chancellor to announce incentives for business to invest in boosting growth and productivity that we have called for constantly.

"We also need the Government to remove barriers that are completely under their control, such as the failing HMRC where 89% of ACCA accountants say poor service levels are seriously affecting their ability to work effectively and deliver basic compliance services to clients."

The results come as ACCA’s global economic conditions survey (GECS) revealed that UK SME business confidence fell in the last quarter, dropping to its lowest level since Q2 2023.

The association said these results are a "marked contrast to the improving economic data" so far in 2024, likely reflecting business concerns about the policy and tax implications in the upcoming Budget.

The survey also revealed that the greatest challenges facing businesses and organisations are economic confidence (71%), skills and labour shortage (59%) and management costs (49%).

Head of technical and strategic engagement at ACCA, Glenn Collins, added: "The Chancellor has rightly warned about the tough decisions ahead, but the Government should be concerned about the impact this is having on economic confidence.

"Despite an improvement in the capital expenditure index in the GECS survey, it remains low compared to its historic average. For the industrial strategy and upcoming budget, the Government needs to present a positive approach to business to generate the investment and growth needed."

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