The UK accounting services industry is valued at around £6.4bn, with 2022 observing a 10% increase in the number of new accountancy firms opening nationwide.
The UK accounting services sector has experienced consistent growth across the country, with increased demand resulting in a 62% increase in new businesses in the sector since 2017, according to a new study from Tyl by NatWest.
Tyl by NatWest, the payments partner that supports UK SMEs and micro businesses, has commissioned the Evolving Enterprise Index report to reveal the fastest growing and fastest emerging sectors in the country.
In partnership with Data City, the report analysed five years of data from Companies House, which showed the number of accounting services providers opened in the UK since 2017.
The UK accounting services industry is valued at around £6.4bn, with 2022 observing a 10% increase in the number of new accountancy firms opening nationwide.
This post-Covid upwards trajectory is thought to be symptomatic of the UK economy’s recovery as businesses have reopened and consumer demand has increased following periods of lockdown.
The rate at which the sector has grown varies across the country, with cities that maintained a pre-existing market for consultancies displaying strong growth. London exhibited the highest individual growth rate in the sector at 69%, while Manchester saw a similarly large growth rate in the number of new providers opening since 2017, with 1,982 appearing.
In addition, Birmingham also showed impressive growth in the sector, as 1,017 new accountancy firms opened up over the period.
Mike Elliff, CEO of Tyl by NatWest, said: “These findings just go to show how when faced with new challenges, the UK’s professional services industry has found a way to not just survive but thrive.
“At Tyl by NatWest, we know the importance of SMEs having the right tools so they can dig deeper and go further in their business to build stronger communities. Our Evolving Enterprise Index offers valuable insights, helping new ventures understand and contextualise the unique business blend of their local market. And ultimately helping them continue to thrive.”
Source: accountancy today
