Beancounter says UK plc must up its game

The boss of one of the UK’s largest accountancy firms has called for a corporate-led response to the country’s economic problems.

David Sproul, chief executive and senior partner at Deloitte, said it was “time for business to step forward” to help the UK out of its economic woes.

“I believe it is time for business to step forward. UK corporate cash reserves of some £750bn; low levels of public trust in big business; an eastward shift in global demand, and record levels of public and personal debt all point to the need for a recovery that has to be corporate-led,” he said.

“At Deloitte we are focussed on how we can help corporate Britain unlock opportunities to meet near-term growth targets and put UK living standards back on track.

“For instance, we are working with a number of clients to leverage their balance sheets as a way of helping smaller firms in their supply chains find the capital to invest.”

Sproul said it was time to move beyond identifying the weaknesses in the UK economy, and to start developing responses.  

“To do this and confront ongoing headwinds and uncertainty, corporate Britain must put in a gold medal performance in creating a new era of wealth creation,” he added.

Sproul was speaking as the UK arm of the firm announced annual turnover for 2011/12 of £2.3bn, up 11%.

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