Accountancy 'suffering from credit crunch'

People in accountancy jobs may be suffering as a result of the ongoing difficulties within the economy, new figures have suggested.

According to a new release by the Office for National Statistics, the UK economy grew at the slowest pace since 2005 during the first quarter of 2008 and many businesses, including accountancy firms, have found that demand has slowed.

The figures found that accountancy and advertising expanded at the weakest pace since 2003, reports Bloomberg.

Dominic White, an economist at ABN Amro Holding in London, said that although the statistics look disheartening, it was to be expected.

"Firms have cut back on investment sharply and that's only natural when you have the biggest financial shock since the Great Depression. We're looking at a weak picture," he said.

However, there are still opportunities for people interested in accountancy as a vocation - an accountancy professor from the US recently told NewsNet that an accountancy degree can be an excellent stepping stone into a career.

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