The importance of a moment to account

The Institute of Chartered Accountants plead for reform of public accounting in the midst of economic flux

Sustainability, transparency and reform have been held up as the shining beacons of our economic recovery. Our politics, our budget and our ethos are placed back on drawing boards across the country in the quest to return the UK to its heyday of steady economic growth. The Institute of Chartered Accountants in England and Wales, however, offer some brief words of caution.

Whilst our wild ideas about the importance of spending or cuts, the role of elections and representation and the significance public or private sector investment are important, there are some basic changes which have to happen before they can make lasting change. We have to set our ideological angst and meta-debates to one side for a moment, and take a look at the books.

Architects of international financial reporting standards have responded to the crisis by reforming the information and presentation of accounts across the world. Britain seems to lack the political will to get behind this change, yet improved financial reporting would make the nation’s accounts more consistent with those of the fifty countries which have already adopted the new standards laid out by the International Public Sector Accounting Standards Board. Greater consistency and greater comparability gained from international financial reporting will help on the road to recovery by increasing confidence and transparency.

Better financial training for all public servants is an intrinsic part of this process, the ICAEW argue. This training, with a long-term change in attitude towards our accounts, will help to improve understandings of public sector finances and, with that, understanding of policy. Once our public servants, and the international community, can access accounts more consistently, we can report with greater confidence on the state of the economy.

Sustainability, transparency and reform have a right to be seen as a beacon of recovery. Passionate debates on the right course for the country need to be had but, for the sake of our understanding and the happiness of our accountants, let's take a look at the books first.

Dusty ledgers, sadly no longer the tools of accounting. Photograph: Getty Images

Helen Robb reads PPE at Oxford University where she is deputy editor of ISIS magazine.

Ukip's Nigel Farage and Paul Nuttall. Photo: Getty
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Is the general election 2017 the end of Ukip?

Ukip led the way to Brexit, but now the party is on less than 10 per cent in the polls. 

Ukip could be finished. Ukip has only ever had two MPs, but it held an outside influence on politics: without it, we’d probably never have had the EU referendum. But Brexit has turned Ukip into a single-issue party without an issue. Ukip’s sole remaining MP, Douglas Carswell, left the party in March 2017, and told Sky News’ Adam Boulton that there was “no point” to the party anymore. 

Not everyone in Ukip has given up, though: Nigel Farage told Peston on Sunday that Ukip “will survive”, and current leader Paul Nuttall will be contesting a seat this year. But Ukip is standing in fewer constituencies than last time thanks to a shortage of both money and people. Who benefits if Ukip is finished? It’s likely to be the Tories. 

Is Ukip finished? 

What are Ukip's poll ratings?

Ukip’s poll ratings peaked in June 2016 at 16 per cent. Since the leave campaign’s success, that has steadily declined so that Ukip is going into the 2017 general election on 4 per cent, according to the latest polls. If the polls can be trusted, that’s a serious collapse.

Can Ukip get anymore MPs?

In the 2015 general election Ukip contested nearly every seat and got 13 per cent of the vote, making it the third biggest party (although is only returned one MP). Now Ukip is reportedly struggling to find candidates and could stand in as few as 100 seats. Ukip leader Paul Nuttall will stand in Boston and Skegness, but both ex-leader Nigel Farage and donor Arron Banks have ruled themselves out of running this time.

How many members does Ukip have?

Ukip’s membership declined from 45,994 at the 2015 general election to 39,000 in 2016. That’s a worrying sign for any political party, which relies on grassroots memberships to put in the campaigning legwork.

What does Ukip's decline mean for Labour and the Conservatives? 

The rise of Ukip took votes from both the Conservatives and Labour, with a nationalist message that appealed to disaffected voters from both right and left. But the decline of Ukip only seems to be helping the Conservatives. Stephen Bush has written about how in Wales voting Ukip seems to have been a gateway drug for traditional Labour voters who are now backing the mainstream right; so the voters Ukip took from the Conservatives are reverting to the Conservatives, and the ones they took from Labour are transferring to the Conservatives too.

Ukip might be finished as an electoral force, but its influence on the rest of British politics will be felt for many years yet. 

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