And accountants will be one of the biggest beneficiaries of the new grants programme.
The Recognition Arrangements Grants Programme will provide grants of up to £75,000 to UK regulators to develop recognition arrangements with their international counterparts and ensure British professionals have their qualifications recognised overseas.
Under the Professional Qualifications Act, the government can ensure regulators have the ability to agree to recognition arrangements with overseas counterparts. These recognition arrangements can make it easier for British professionals to have their qualifications recognised overseas, without the need to requalify with additional qualifications.
The newly available funding may be used by accountancy professional bodies to agree to deals that ensure that UK-qualified accountants will have their credentials recognised by regulators in countries such as Australia and New Zealand. This will enable them to practise their profession overseas, and will be able to access many new business opportunities.
Accounting organisations such as the Institute of Chartered Accountants in England and Wales (ICAEW), which offer industry-specific qualifications like the ACA, could use the grant funding to work with equivalent organisations in other countries to establish mutual recognition of both their certifications and those of the other nation.
The UK is the second-largest exporter of services in the world and this new funding will help boost our advantage in trade in services.
