There are many risks UK and global accountants are wary of going into 2024, with inflation, recession and interest rates being at the forefront of their minds since Q2 of 2023 ‘amid a world characterised by significant uncertainty and potential volatility’.

This was followed by worries about the shortage of talent in the industry and difficulties retaining staff.

Geopolitical issues also remained a significant concern as conflict in the Middle East escalates and shipping is heavily affected by attacks by Houthi in Yemen in the Red Sea, forcing many cargo ships to avoid the Suez Canal and take the longer route around southern Africa.