Whilst an absolute break from the EU, aka a hard Brexit, would not have been the preferred option for UK Plc the clear directive by the Prime Minister has, at least, provided certainty on the direction of travel. But if one chapter of uncertainty has closed, another is about to begin.
As Scotland awaits the full impact of the triggering of Article 50 it must grapple with a fast changing political and economic environment as the UK effectively reinvents itself over the next few years. The prospects of a second independence referendum aside, Scotland is faced with a period of uncertainty. But with uncertainty comes opportunity and that is surely in our own hands?
The UK economy needs to adapt during this period, and Scotland needs to redefine its relationship with the rest of the UK and develop our place in the world as an international trader. The Scottish economy must perform to the best of its ability and if anything must aim to outperform the rest of the UK. Should the Scottish economy stumble we will face further pressure on public spending given the transfer of taxation powers to Holyrood and changes to the block grant allocation.
But, as we know Governments don’t create jobs – businesses do. It is also true to say that economies don’t adapt – once again businesses do. But Government does play a huge role in creating the environment to encourage innovation and change. ACCA (The Association of Certified Chartered Accountants) believe that skills will play a more important role than ever in underpinning the future success for the Scottish economy in 2017 and beyond:
Skills are, of course, critical to achieving this change – particularly the development of a skilled but flexible workforce. As an employer of over 600 staff in our Glasgow Global Service Centre, ACCA itself utilises the skills of IT, marketing, customer services, business development and educational specialists to create the finance professionals the world needs.
The need to address the skills gap within the Scottish workforce is more pertinent than ever. Whilst we fully welcome the focus on addressing the skills gaps in STEM industries it is also critical that other sectors are not forgotten. It’s vital that every opportunity is taken to up-skill the Scottish workforce in order to ensure Scotland is able to embrace the opportunities presented by increased digitalisation and AI.
The priority for the coming year must be opening up pathways into professional careers, such as accountancy, for the next generation. Apprenticeships will play a key role here. Offering more apprenticeships and improving the visibility of alternative routes into professional careers for those who are unsure about graduate routes, will lay the foundations for a diverse, highly-skilled talent pool when we need it most.
It is also important that today’s professionals hold a blend of hard and soft skills. ACCA’s flagship report of 2016 “Professional Accountants – The Future” highlighted seven of the key quotients of success that will be required in the profession in the future which are relevant to businesses of all shapes and sizes and in all sectors in the UK.
The report found that shifting business expectations alongside globalisation and digital connectivity agendas would require accountants to ‘step out of the back room’ and develop the creative, emotional and digital skills to have a hand in shaping business strategy, particularly as companies prepare for instability during Britain’s exit from the EU.
Accountancy professionals must gear up for years of uncertainty and build upon existing competencies to offer trusted, technically advanced advice as businesses prepare to navigate changing trade relationships, new regulatory environments and put together reliable financial forecasts.
With big changes comes opportunity. Professional accountants have a critical role to play in ensuring businesses are able to navigate the uncertainty ahead and seize the opportunities that will arise along the way.
