Representatives from PwC, Deloitte, KPMG and EY were present, along with the ICAEW, to discuss the terms of trade for services once the UK has left the EU, the movement of skilled workers and opportunities to increase the sector’s global competitiveness in future.

‘The top concern for the businesses around the table was the mobility of skilled professionals,’ ICAEW chief executive Michael Izza said. ‘This is of no surprise as the professional services sector relies on the best people and in order to maintain our competitive advantage, we need to ensure that the UK can continue to recruit talent from around the world, in addition to retaining the EU nationals who currently work in the UK.

He added attendees received ‘very encouraging statements from the minister that this is well understood’ and the government ‘will not see UK businesses disadvantaged in employing the people they need irrespective of nationality I am optimistic that government will clarify this position in the near future’.

KPMG said in a statement to CCH Daily it was aiming for 'an immigration policy that allows the sector to easily access and deploy talent in an efficient manner, regardless of residency or location of work'.

It added it would seek to maintain or improve levels of equivalence or mutual recognition of qualifications, registrations and licensing for regulated professions (for firms and individuals); and maintain and promote regulatory coherence and strong corporate governance to support the UK in remaining attractive and competitive after we exit the EU. 

PwC, Deloitte and EY declined to comment on the discussion.

The professional and business services sector includes the legal, advertising and accountancy industries. The sector is worth £177bn and grew by 5% between 2014 and 2015. It is the single largest exporter in Britain and accounts for 13% of all jobs in the UK.

Of that £177bn, accountancy makes up more than £12bn, according to Accountancy’s Top 75 survey.

Also in attendance were: Advertising Association, Arup, Bar Council, Business Services Association, Capgemini, Freshfields Bruckhaus Deringer, Jones Lang Lasalle, Law Society, Law Society of Scotland, Management Consultancies Association, Royal Institute of British Architects, TheCity UK and The Zygos Partnership.

This week, the minister for international trade Dr Liam Fox emphasised the importance to professional services such as accountancy of harnessing the ‘huge potential’ of the UK’s regions.

Dr Fox said: ‘Financial services are one of the UK’s big export success stories, and our global reputation is underpinned by the talent and expertise on offer across the country. We have a unique opportunity as we open up to new markets, to strengthen this position and grow further. This initiative is key to ensuring that opportunity is available in all our regions as we support our financial centres of excellence.’