Even though overall figures aren’t too positive the accounting industry experienced it fourth highest grossing month of the year, growing by 12% in September to £3.86bn. This is 4% higher than September 2023.

Julie Matheson, accounting industry regulatory partner at Kingsley Napley said: ‘After a lacklustre August, accounting industry revenues seem to be back on track for September and even outperformed the general business services segment.

‘Nonetheless, with overall UK economic growth slowing and employment costs due to rise following the recent Budget, firmwide leaders should keep a close eye on financial planning for the rest of the year.’

The weak monthly figures added to a poor quarter since the new Labour government came to power with growth for the period at only 0.1% for the three months from July to September, dented by the continual negative messaging from the prime minster and chancellor.