Beyond Finance

In this Insights In Focus episode, we discuss the obstacles and incentives to SME investment.

In recent years, a string of crises and ongoing economic uncertainty has dampened investment across the board. Office for National Statistics figures show that business investment remains lower than pre-pandemic levels and fell 0.2% in Q4 2022.

The March Budget attempted a shot in the arm by announcing three years’ capital expensing, but questions remain over whether SMEs can access the finance they need to make their investment plans a reality.

Host Philippa Lamb is joined by Simon Gray, ICAEW Head of Business, and executives from three tech-intensive SMEs: Adam Lauffer, Deputy CEO of Doddle; Tanuvi Ethunandan, CEO of Data Duopoly; and Ciaran Burke, COO of Swoop.

Links

• ICAEW Small and Micro Business Community: https://www.icaew.com/groups-and-networks/communities/small-and-micro-business-community
• ICAEW Insights Special: Cost of doing business: https://www.icaew.com/technical/economy/cost-of-doing-business 
• ICAEW: Business start-up and finance: https://www.icaew.com/technical/business/business-start-up-and-finance

Host

Philippa Lamb

Guests

• Simon Gray, Head of Business, ICAEW
• Adam Lauffer, Deputy CEO, Doddle
• Tanuvi Ethunandan, founder and CEO, Data Duopoly
• Ciaran Burke, co-founder and COO, Swoop

Producer

Natalie Chisholm

Episode first published: 28 April 2023
Podcast recorded: 21 April 2023

In this special Insights In Focus episode, we discuss how the UK’s changing demographics are having an impact on public finances and policymaking.

The latest census revealed that almost a quarter of the UK’s population is now aged 60 or over. Meanwhile, recent research claims NHS spending will have to increase yearly by 3% to meet demand. There’s also a growing need to lay out plans for funding effective adult social care.

Finding politically sensitive and financially viable solutions is made all the more challenging by the impact of successive crises on public finances and the UK economy. How can the government meet this growing demand for services when it is committed to restricting spending?

To discuss the options available to policymakers, host Bronwen Maddox is joined by David Miles, Professor of Financial Economics at Imperial College and member of the Budget Responsibility Committee at the Office for Budget Responsibility; Carl Emmerson, Deputy Director of the Institute for Fiscal Studies; and Martin Wheatcroft, ICAEW adviser and fellow.

Links

• ICAEW Tax Faculty https://www.icaew.com/technical/tax/tax-faculty 
• ICAEW Insights Special: The future of tax and public spending https://www.icaew.com/insights/insights-specials/the-future-of-tax-and-public-spending 

 Host

Bronwen Maddox, CEO, Chatham House

Guests

• David Miles, Professor of Financial Economics at Imperial College; member of the Budget Responsibility Committee at the Office for Budget Responsibility
•  Carl Emmerson, Deputy Director, Institute for Fiscal Studies
• Martin Wheatcroft, adviser and fellow, ICAEW

Producer

Natalie Chisholm

Episode first published: 24 April 2023
Podcast recorded: 24 March 2023

On the latest ICAEW Insights podcast, we examine how recent developments are affecting the accountancy profession. 

This month, we discuss the responsible use of generative artificial intelligence tools such as ChatGPT; the impact of rising corporation tax and changing R&D credits; and how to get involved in the FRED 82 consultation on UK GAAP.

Philippa Lamb is joined by the experts at ICAEW to learn more: Sally Baker, Head of Corporate Reporting Policy; Lindsey Wicks, Technical Editor; and John Pearce, Director of Digital and Publishing. 

Links

·      ChatGPT and accountancy: know its limits | ICAEW

·      Corporation tax rate to increase to 25% from 1 April 2023 | ICAEW

·      What is happening in the world of R&D tax relief? | ICAEW

·      ICAEW responds to proposed merger of R&D schemes | ICAEW

·      Budget for growth: ICAEW's Tax Faculty assesses key measures | ICAEW

·      Key measures in Spring Finance Bill 2023 | ICAEW

·      TAXline | ICAEW

·       Periodic review of UK GAAP | ICAEW

·       By All Accounts | ICAEW

·       FRED 82 hub | Financial Reporting Council

Host

Philippa Lamb

Guests

• Sally Baker, Head of Corporate Reporting Policy, ICAEW
• Lindsey Wicks, Technical Editor, ICAEW
• John Pearce, Director, Digital and Publishing, ICAEW 

Producer

Natalie Chisholm 

Episode first published: 6 April 2023
Podcast recorded: 3 April 2023

In this Insights In Focus episode, we discuss the effectiveness of local authority audit and assurance.

Many local authorities are facing a difficult financial situation, with pressure to deliver services at a time of stretched resources. There are also questions regarding the timely delivery and usefulness of their audited accounts – and whether councillors require financial training to support decision making.

Host Philippa Lamb discusses the issues with Meg Hillier MP, Chair of the Public Accounts Committee; James Jamieson, Chair of the Local Government Association; and Alison Ring, Director of Public Sector and Taxation at ICAEW.

Links

• ICAEW public sector hub: https://www.icaew.com/technical/public-sector
• ICAEW Public Sector Community: https://www.icaew.com/groups-and-networks/communities/public-sector
• ICAEW vision for local audit: https://www.icaew.com/technical/public-sector/public-sector-audit-and-assurance/uk-public-sector-audit/icaew-vision-for-local-audit
• Levelling Up, Housing and Communities Committee: Financial Reporting and Audit in Local Authorities inquiry: https://committees.parliament.uk/work/7348/financial-reporting-and-audit-in-local-authorities/ 

Host

• Philippa Lamb

Guests

• Meg Hillier MP, Chair, Public Accounts Committee 
• James Jamieson, Chair, Local Government Association
• Alison Ring, Director, Public Sector and Taxation, ICAEW

Producer

• Natalie Chisholm
  
  

Episode first published: 3 April 2023
Podcast recorded: 24 March 2023

On the latest ICAEW Insights podcast, we explore the contents of the 2023 Spring Budget and the likely impacts on UK businesses and the work of finance professionals alike. 

Coming only five months after Chancellor Jeremy Hunt’s Autumn Statement, which hastily course-corrected from September 2022’s ‘fiscal event’, the Spring Budget was expected to be a quieter affair.

Going beyond the headlines, host Iain Wright is joined again by Frances Haque, Chief Economist at Santander UK, and David Williamson, Political Editor at the Sunday Express, to discuss Wednesday’s announcements.

Links

• ICAEW Spring Budget 2023 hub

Host

Iain Wright

Guests

• David Williamson, Political Editor, Sunday Express
• Frances Haque, Chief Economist, Santander UK

Producer

Natalie Chisholm 

Episode first published: 17 March 2023
Podcast recorded: 16 March 2023

In this ‘Insights In Focus’ episode, we discuss ways to attract and retain talent in the accounting profession.

Last year saw the UK accountancy sector’s graduate intake fall for the first time since 2008. Meanwhile, job applications across the sector fell by more than a third, compared with 2021.

While the numbers have coincided with significant economic challenges, questions remain about how accountancy is perceived as a profession – and, in particular, whether it is seen to offer a rewarding career over the long term.

Host Philippa Lamb discusses the issues with Gillian Woolman, Audit Director at Audit Scotland; Dave Payne, Head of Access and Volunteer Programmes at ICAEW; and Jackie Crane, an ICAEW member who chose to leave accountancy.

Links

• ICAEW attractiveness of the profession hub: https://www.icaew.com/about-icaew/who-we-are/attractiveness-of-the-profession 
• ICAEW: ACA for Employers: https://www.icaew.com/learning-and-development/aca/aca-employers
• ICAEW President Julia Penny: to attract talent, let’s focus on why we matter: https://www.icaew.com/insights/viewpoints-on-the-news/2022/dec-2022/to-attract-talent-lets-focus-on-why-we-matter

Host

Philippa Lamb

Guests

• Gillian Woolman, Audit Director, Audit Scotland
• Dave Payne, Head of Access and Volunteer Programmes, ICAEW
• Jackie Crane, ICAEW member and former practising accountant

Producer

Natalie Chisholm

Episode first published: 3 March 2023
Podcast recorded: 23 February 2023

In this special ‘Insights In Focus’ episode, we discuss the ways in which HMRC is using digital technology to influence tax calculation and collection.

The UK’s first electronic tax return was filed in 1997. Since then, technology has dramatically transformed the calculation of tax, the filing of forms and the way that HMRC and tax authorities abroad receive and use data.

The pace and scale of change is only set to accelerate in the years ahead. So how does HMRC anticipate harnessing digital technology beyond the ongoing rollout of Making Tax Digital?

To find out more, host Paul Aplin is joined by Joanna Rowland, HMRC Director General of Transformation, and Jonathan Athow, HMRC Director General of Customer Strategy and Tax Design.

Links

• ICAEW Tax Faculty: https://www.icaew.com/technical/tax/tax-faculty 
• ICAEW Insights Special: The future of tax and public spending:  https://www.icaew.com/insights/insights-specials/the-future-of-tax-and-public-spending 

Host

Paul Aplin 

Guests

• Joanna Rowland, Director General, Transformation, HMRC
• Jonathan Athow, Director General, Customer Strategy and Tax Design, HMRC

Producer

Natalie Chisholm

Episode first published: 3 March 2023
Podcast recorded: 1 February 2023

On the latest ICAEW Insights podcast, we consider the future of audit – and the impact of the government’s proposed reforms on professionals in the sector.

It has now been five years since Carillion was liquidated, leaving behind debts of £7bn and the taxpayer a bill for £150m. The collapse of the construction services giant increased scrutiny on audit and corporate reporting, raising questions over whether present frameworks are fit for purpose.

After commissioning several reviews, the government finally announced its plan for the sector in 2022, seeking to curb the market dominance of the Big Four and create a new regulatory body with enhanced powers. But will the measures achieve their goals? And how should audit professionals think about their role in this new context?

To consider those questions and more, host Philippa Lamb is joined by Sir Andrew Likierman, former Dean and now Professor of Management Practice in Accounting at the London Business School; sector expert Andrew Ratcliffe; Mark Babington, Executive Director of Regulatory Standards at the Financial Reporting Council; and ICAEW Managing Director, Reputation and Influence, Iain Wright.

Links

• ICAEW audit and assurance hub
• ICAEW audit and corporate governance reform hub
• Government reforms announcement (31 May 2022)

Host

Philippa Lamb

Guests

• Sir Andrew Likierman, former Dean and Professor of Management Practice, London Business School
• Andrew Ratcliffe, Non-Executive Director, Barclays Bank UK 
• Mark Babington, Executive Director of Regulatory Standards, Financial Reporting Council
• Iain Wright, Managing Director, Reputation and Influence, ICAEW

Producer

Natalie Chisholm 

Episode first published: 16 February 2023

Podcast recorded: 13 February 2023

In this special Insights In Focus episode, we discuss the thorny and often contentious topic of executive pay.

The highly experienced panel doesn’t ignore the most common exec pay conversation – the eye-watering amounts sometimes paid to senior managers  – but the discussion doesn’t stop there either. We hear first about the growing use of ESG metrics in assessing executives’ performance and rewarding them accordingly, and whether this is a good idea.

The panel then moves on to discuss the pressures on businesses to strike the right approach to exec pay, including from the chair of the remuneration committee at listed asset manager, Liontrust, and the risks of getting executive compensation decisions wrong. The conversation has pointers not only for senior managers and board members who might face a similar situation but also for anyone who aspires to be in senior roles in the future.

Host Peter van Veen, Director, Corporate Governance and Stewardship, ICAEW discusses the topic with Sandy Pepper, Emeritus Professor of Management Practice at the London School of Economics and Political Science and author of a recent book: “If You’re So Ethical, Why are You so Highly Paid?”, George Yeandle, FCA, Non-Executive Director at Liontrust Asset Management plc and Chair of the Remuneration Committee, and Luke Hildyard, Director at the High Pay Centre, a think tank focused on pay and governance.

Links:
For more on ICAEW’s major content series on boards and corporate governance
icaew.com/newboardagenda

Host:
Peter van Veen

Guests:
-Sandy Pepper, Emeritus Professor of Management Practice at the London School of Economics and Political Science
-George Yeandle, FCA, Non-Executive Director at Liontrust Asset Management plc and Chair of the Remuneration Committee
-Luke Hildyard, Director at the High Pay Centre

Producer:
Guy Ruddle

Episode first published: 16 February 2023
Podcast recorded: 2 February 2023

In this Insights In Focus episode, we discuss the pros and cons of crypto and its impact on the work of finance professionals.

The collapse of crypto exchange and hedge fund FTX in December took $8bn of its customers’ money with it and raised fresh questions about the sector. Fans claim crypto will revolutionise how businesses and customers interact and, potentially, democratise the global flow of money. For detractors, the sector is little more than an unregulated casino, rife with opportunities for investors to lose their money. 

Finance professionals are caught in the middle. So, where could or should crypto go next? And how significant might the sector become? 

Host Philippa Lamb is joined by Paul Munson, Head of Financial Crime at social investment app Shares; Esther Mallowah, ICAEW Head of Technology Policy; and Vivienne Artz of the data privacy expert group, Global Coalition to Fight Financial Crime.

Links
ICAEW Blockchain and crypto assets hub
https://www.icaew.com/technical/technology/blockchain-and-cryptoassets 

ICAEW Tech Faculty
https://www.icaew.com/technical/technology 

Host
Philippa Lamb

Guests
Esther Mallowah, Head of Technology Policy, ICAEW
Paul Munson, Head of Financial Crime, Shares
Vivienne Artz, Co-chair, Data Privacy Expert Group, Global Coalition to Fight Financial Crime

Producer
Ed Adams

Episode first published: 26 January 2023
Podcast recorded: 23 January 2023