Accountancy Insights: Inside the Industrial Strategy and navigating VAT reform

In this episode, we discuss the government’s new Industrial Strategy and, in particular, its sector plan for professional and business services with Iain Wright, ICAEW Chief Policy and Communications Officer. Iain is Chair of the Professional and Business Services Council, which has worked closely with government in devising the final plans. We also met speakers at ICAEW’s How to Fix VAT conference on 18 June 2025 to learn about the complexity of the UK’s VAT system and the obstacles to reforming the tax. Those interested in sharing their views on the Industrial Strategy can contact Iain Wright by emailing [email protected]. Time codes00:42 Inside the Industrial Strategy22:46 Navigating VAT reform LinksICAEW: Industrial strategy – four changes to boost professional services: https://www.icaew.com/insights/viewpoints-on-the-news/2025/jun-2025/industrial-strategy-four-changes-to-boost-professional-services ICAEW: Industrial and Infrastructure Strategies – key measures at a glance: https://www.icaew.com/insights/viewpoints-on-the-news/2025/jun-2025/industrial-and-infrastructure-strategies-at-a-glance ICAEW: Government reveals ambitions for key sectors: https://www.icaew.com/insights/viewpoints-on-the-news/2025/jun-2025/government-reveals-ambitions-for-key-sectors ICAEW: UK government backs services in Trade Strategy: https://www.icaew.com/insights/viewpoints-on-the-news/2025/jun-2025/uk-government-backs-services-in-trade-strategy ICAEW: VAT hub: https://www.icaew.com/technical/tax/vat  HostPhilippa Lamb GuestsIain Wright, Chief Policy and Communications Officer, ICAEWMax Schofield, Barrister, Devereux ChambersRebecca Porter, CEO, The VAT TeamJohn Whiting CBE, Former Tax Director, Office of Tax SimplificationYige Zu, Associate Professor, Durham UniversityDennis Lui, CEO, Tax Academy of SingaporeEd Saltmarsh, Technical Manager, VAT and Customs, ICAEWProducerNatalie Chisholm  Episode first published: 8 July 2025Podcast recorded: 1 July 2025

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