Average partner pay was £761,000, down from £803,000 last year due to a 10% increase in the number of UK partners and investment in the business. This figure was still higher than the payouts during the pandemic.

EY achieved a second year of double-digit revenue growth, with UK revenues up 16% and fee income increasing to a record £3.76bn for year end 1 July 2023 from £3.23bn the previous year. EY attributed the growth to long term investments in people, audit quality and technology. Profits before tax increased 4% to £659m from £634m. Total UK tax contribution was £1.27bn.

Tax revenues were up 20% to £1.25bn from £934m, while audit and assurance fee income was £952m, up 17% from £817m. Meantime, consulting income was up 18% to £1.04bn (FY22: £888m) and strategy and transactions grew 8% to £637m (FY22: £590) despite a slowdown in the mergers and acquisitions market. Certain industry sectors were also major contributors with a 28% hike in revenue from energy sector clients, while government contracts and infrastructure clients increased spend by 26%.

In Ap