The Department for Business and Trade (DBT) has committed to making £500,000 available to help UK professionals, such as architects, auditors and accountants, export their services around the world.
Grants of up to £75,000 will be awarded to UK regulators and professional bodies as part of the Recognition Arrangements Grant programme which will run until 31 March 2025.
The fund can help them to strike deals with counterparts around the world to help make it easier, quicker and cheaper for UK professionals to have their qualifications recognised overseas.
Minister for Trade Policy, Greg Hands, said: “Obtaining professional qualifications in foreign countries can be expensive and slow for professionals like lawyers and accountants who want to export their world-class services overseas. Part of the answer is to secure mutual recognition agreements between the UK and other countries, to acknowledge each other’s professional qualifications.”
Previous rounds helped secure recognition arrangements with Switzerland and New Zealand, he pointed out.
More global recognition agreements can help businesses and professionals access new markets, reduce barriers to trade, and make it easier for UK businesses to export their services worldwide, Mr Hands concluded.
The new funding has been welcomed by UK regulators and professional bodies with the Executive Director of Supervision at the Financial Reporting Council (FRC), Sarah Rapson, saying: “The Recognition Arrangements Grant Programme has been invaluable in supporting the FRC to successfully secure mutual recognition of audit qualifications with New Zealand and Switzerland with more agreements likely in 2024. This will boost the UK’s audit market and further strengthen the UK’s close financial ties with key overseas markets.”
