PRESS RELEASE : Fresh funding to boost British exports of professional services overseas [February 2023]
The press release issued by the Department for Business, Energy and Industrial Strategy on 1 February 2023.
New grants to be awarded to UK regulators and industry bodies to help them develop agreements with their international counterparts.
- Second round of government funding to make it easier for UK professionals, such as accountants and architects, to sell their services overseas
- funding will help reduce the need for UK professionals to gain additional qualifications in foreign countries, or go through costly bureaucracy, meaning firms can focus on growing
- grants of up to £75,000 available to UK regulators and professional bodies to do work on bilateral or multilateral recognition arrangements for UK professional qualifications
More funding to grow British exports by making it simpler for UK professionals to work abroad has been announced by the Business Minister Kevin Hollinrake today (Wednesday 1 February).
Grants of up to £75,000 will be awarded to UK regulators and industry bodies to help them develop agreements with their international counterparts for UK professional qualifications to be recognised overseas. This will make it easier for UK businesses to export their services worldwide.
Following the success of the first round of funding, which has supported work to boost the presence of UK qualified professionals in accountancy, auditing and legal services in countries such as Australia, New Zealand, Ireland, and India, the second round of the Recognition Arrangements (RA) Grant Programme is now open.
Small Business Minister Kevin Hollinrake said:
The UK’s professionals in sectors like accountancy, audit and legal services, are rightly recognised as some of the brightest and best in the world.
This additional funding will further support UK qualified professionals to export their expertise overseas, winning contracts and scaling up their businesses.
The additional funding comes as part of the government’s plans to ensure UK-qualified professionals have the support they need to grow their businesses on the international stage.
Under the Professional Qualifications Act, the UK government can ensure regulators have the ability to agree recognition arrangements with overseas counterparts.
Following the first round of the grant programme, which saw high demand and interest from regulators, this second round will go on to continue and expand these vital efforts to boost British services exports in essential overseas markets.
The Financial Reporting Council (FRC) successfully secured funding for round one of the programme. Sarah Rapson, Executive Director of Supervision, said:
The FRC is very pleased to hear that a further round of grant funding will be available from BEIS. The availability of previous funding has enabled us to bring in the additional expertise required to support our international recognition work.
We would encourage UK professional accountancy bodies engaged in international recognition work to consider applying for a grant and make use of this valuable source of funding support.
The Recognition Arrangements Grant programme will run until 31 March 2025, with grants of up to £75,000 per financial year awarded to UK regulators and industry bodies, and a further round planned for applicants seeking 2024/2025 funding.
