The UK accounts for 10% share of global fee income from the global networks and associations with total UK revenue hitting $18.8bn, up from $18.2bn year on year, although the market has been hit by the 14% drop in sterling value compared to the dollar due to the Brexit vote, reports Rachel Willcox
Despite the importance that many global accountancy networks and associations attribute to the UK as a strategic market, there is no doubt that the political uncertainty resulting from the EU referendum and Brexit concerns alongside increased competition for work and ongoing consolidation across UK firms has made for an incredibly challenging market.
Total UK revenue was £18.8bn, up from $18.2bn year on year, although it has been hit by the 14% drop in the value of sterling against the dollar since the Brexit vote in June 2016.
The Big Four, in order of ranking led by PwC, then Deloitte, EY and KPMG – continue to control around 80% of the UK market with $13.8bn (2015: $13.07bn) in revenue. The global networks and associations ranked five to 25 posted revenues in FY2016 of $4.99bn, up just $29m from the $4.96bn reported in the previous year, certainly a far cry from the double-digit growth posted by many networks in the 2014/15 survey.
