# The Chartered Institute of Management Accountants publishes recommendations for COVID-19 recovery strategy
Published: 2020-07-03
Category: News
Category URL: https://business.express/category/news/
Meta Title: The Chartered Institute Of Management Accountants Publishes
URL: https://business.express/the-chartered-institute-of-management-accountants-publishes-recommendations-for-covid-19-recovery-strategy/

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_Addressing productivity, skills and social mobility key to long-term success_

The Chartered Institute of Management Accountants (CIMA), the world’s largest body of management accountants, has released [a set of recommendations](https://www.cimaglobal.com/Documents/Member%20docs/Advocacy/CIMA%20Policy%20Suggestions%20for%20UK%20Economic%20Recovery%20.pdf) designed to support the UK Government to navigate challenges posed by the coronavirus pandemic, aid the country’s economic recovery and build business resilience to future crises.

**Andrew Harding, FCMA, CGMA, Chief Executive – Management Accounting, commented:**

“We must of course tackle immediate issues such as restoring jobs and increasing consumer spending, but the UK Government must also ensure that its recovery strategy encompasses long-term priorities. This includes putting a greater focus on tackling our faltering productivity, widening skills gap and failing social mobility to deliver a truly inclusive, lasting economic recovery and propel our resilience to the next level. This will be the uphill battle of the UK’s post-lockdown world.”

CIMA is calling for the Government to concentrate on four key areas and provides 20 recommendations:

- _Providing businesses and consumers with confidence to invest and do business_. Key recommendations relate to **temporarily lowering VAT** to encourage business and consumer spending; **cutting employers’ national insurance bills** to help keep people employed and create new jobs; and proactively supporting businesses to seize new opportunities notably through the **creation of a Growth Accelerator scheme for SMEs**.

- _Providing businesses with certainty_. Key recommendations pertain to **outlining business tax plans for the next two years** so companies can make informed investment decisions; **pausing plans to implement new business regulations** to ensure companies can focus on recovery; **supporting businesses to build resilience in their supply chains** to weather future shocks; and **ensuring free movement of professionals** as well as mutual recognition of professional qualifications in future trade deals.

- _Creating a more sustainable business environment._ Key recommendations include supporting the **adoption of integrated reporting for businesses** across the UK to better showcase how they create value, beyond financial results, for all stakeholders; **reform UK insolvency and administration practices** to allow for certain viable businesses to re-structure and survive – this will help secure jobs, ensure creditors are paid, and secure tax revenue; and **investing in green infrastructure** supporting a net-zero recovery and future business sustainability.

- _Investing in skills to help generate economic growth and improve productivity._ Key recommendations encompass **changing the Apprenticeship Levy to an Apprenticeship and Skills Levy** for all workers to ensure businesses have the talent they need to succeed now and in the future; **investing towards higher level apprenticeships** to raise the skill levels of the UK workforce, meet the demands of the economy and encourage social mobility; and **driving regional investments to deliver new skills clusters** to kickstart innovation, attract inward investments and drive economic growth.


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