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Autumn Budget must back skills investment and audit reform to boost growth, says Chartered IIA
In its Pre-Budget Submission, the Chartered Institute of Internal Auditors (Chartered IIA) has called on the Chancellor of the Exchequer to use the upcoming Autumn Budget to invest in apprenticeships and skills as a means to boost productivity and deliver sustainable economic growth.
In its official submission to HM Treasury, the Chartered IIA, which represents around 10,000 internal audit professionals across the UK and Ireland, sets out three key priorities for the Budget:
1. Invest in apprenticeships and skills to boost productivity
The Chartered IIA is urging the Government to abandon plans to remove Apprenticeship Levy funding for Level 7 qualifications for apprentices over the age of 22. It warns this move risks undermining the Government’s growth agenda, as upskilling workers of all ages is critical to improving productivity.
The submission argues that greater investment in apprenticeships, skills, and training across the board would encourage lifelong learning, help close the UK’s productivity gap, and ensure that employers have the skills needed to grow.
2. Commit to audit and corporate governance reform
The Chartered IIA is also calling on the Government to use the Budget to reaffirm its commitment to the Audit Reform and Corporate Governance Bill, announced in last year’s King’s Speech, but still unpublished.
The submission warns that further delays risk undermining confidence in UK markets. Strengthening audit and governance is essential to economic stability and maintaining the UK’s reputation as a world-leading destination for investment.
Only last month, 66 MPs and Peers from eight political parties wrote to the Prime Minister, urging swift passage of the Bill through Parliament and underlining strong cross-party support for the legislation.
3. Invest in public sector internal audit to drive efficiencies
Finally, the Chartered IIA highlights the urgent need for the Government to ensure internal audit is properly resourced across the public sector, including adequate funding for internal audit functions across both local and national government.
Where internal audit functions are appropriately resourced and empowered, they play a role in driving efficiencies, supporting the public sector reform agenda and delivering greater value for money for taxpayers.
Looking ahead to next month’s Budget, Anne Kiem OBE, Chief Executive of the Chartered IIA, commented:
“The Budget is a critical opportunity for the Government to demonstrate its commitment to delivering growth and fiscal responsibility. Investing in skills, workplace training, and apprenticeships will help close the productivity gap, while delivering long-promised audit reform is vital to restoring trust in UK markets.
Equally, ensuring internal audit is adequately resourced across the public sector will support the efficient delivery of public services and help to ensure that every pound spent delivers maximum value for the British people.”
-ENDS-
FOR MORE INFORMATION / FURTHER COMMENT CALL GAVIN HAYES ON 07900195591
Notes to editors
The full budget submission can be downloaded here.
About the Chartered Institute of Internal Auditors
The Chartered IIA represents over 10,000 internal audit professionals in organisations spanning all sectors of the economy, across the UK and Ireland. It champions the contribution internal audit makes to good corporate governance, strong risk management and a rigorous control environment leading to the long-term success of organisations, including those in the public sector.