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What Lies Ahead For Accountancy Firms Large & Small?

23 June 2020

The landscape for the accountancy profession is going to change significantly over the next year or so. The sector has been pretty resilient in most previous recessions and generally tracks the overall economy in any downward path, but this time things could be very different.

From the Big Four to sole practitioners, there will be winners and losers.

Within weeks of the pandemic crisis unfolding, word was that the Big Four were initiating conference calls with each other to discuss avoiding tapping into the Coronavirus Job Retention Scheme (CJRS), the government’s furlough scheme, for fear of further damaging already tarnished reputations (probably foregoing over £10m each in government support in the process, clearly understanding just how tarnished their reputations are). In addition, they were implementing dramatic cuts in partner take home pay.

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