ACCA (the Association of Chartered Certified Accountants) says today that the Queen’s Speech fixes a strong tone for Government policy, with a focus on tackling tax avoidance and evasion, clarifying plans for long term economic stability and job creation, with the Government seeking to deliver pre-election commitments to full employment.

Commenting on tax issues, Chas Roy-Chowdhury, head of tax at ACCA says: “Tackling unacceptable tax avoidance and tax evasion forms a strong pillar of the Government’s economic plan. 

“We are particularly pleased to see the Government’s five year tax lock – this is an interesting move, with no increases in VAT, National Insurance and Income Tax during the lifetime of this Parliament. This is a policy aimed squarely at tax stability, but we also want to see this lock applied so that tax allowances and reliefs are not decreased, such as pensions tax relief.”

Commenting on the Jobs and Enterprise Bills, Brian McGuire, ACCA Ulster Members’ Network says: “We welcome the Government’s commitment to creating 3 million new apprenticeships, and its agenda to find a further £10 billion worth of cuts to red tape for business.

“The details of both bills will be essential for ensuring business has the means to invest and grow and that businesses large and small are able run workable apprenticeship schemes. We also welcome the Government’s plans for SMEs, especially their creation of a Small Business Conciliation Service to help with disputes and late payment.”

Remarking on policies for Scotland, Northern Ireland and Wales, Brian McGuire says: “This Queen’s speech also deals with two areas which will no doubt define David Cameron’s legacy - Scotland and Europe. Both are set to receive a transfer of powers, in Scotland’s case given ‘devolution max’ is likely to result in a significant shift in power; the UK’s fiscal policy needs a commanding steer. The Northern Ireland and Welsh Executive will be watching this process closely.

Chas Roy Chowdhury adds: “From a tax point of view, plans for powers to be handed to the Scottish Parliament by the end of the summer need to be clearly explained and an agreed timetable set in place. Scotland’s ability to set its own rates and bands of income tax, to spend half of the tax collected via VAT and to set levels of housing benefit are significant power shifts where clarity is needed about HMRC’s part in this.

“HMRC will require significant investment to ensure it can robustly manage such important work with the increasing plans to to tackle unacceptable tax avoidance and tax evasion. HMRC is under pressure, and considering they play such a vital role in tax stability, we would like to hear more about plans for HMRC’s future, especially in a devolved environment”.

Brian McGuire concludes: “Ultimately, with much at stake and a majority Conservative Government looking to make its mark, this Queen’s Speech sets not only the scene for what could be a bold budget on 8th July, but also the direction of UK fiscal policy into the next decade.”- ends -For further information:Shane Finnegan or Katrina Frazer, Aiken PRTel: 028 9066 3000Email: Shane@aikenpr.com or Katrina@aikenpr.com Notes to EditorsAbout ACCAACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. It offers business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.ACCA supports its 170,000 members and 436,000 students in 180 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 92 offices and centres and more than 8,500 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. It believes that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. ACCA’s core values are aligned to the needs of employers in all sectors and it ensures that through its range of qualifications, it prepares accountants for business. ACCA seeks to open up the profession to people of all backgrounds and remove artificial barriers, innovating its qualifications and delivery to meet the diverse needs of trainee professionals and their employers. More information is here: www.accaglobal.com