ICAS ICAS logo

Quicklinks

  1. About Us

    Find out about who we are and what we do here at ICAS.

  2. Find a CA

    Search our directory of individual CAs and Member organisations by name, location and professional criteria.

  3. CA Magazine

    View the latest issues of the dedicated magazine for ICAS Chartered Accountants.

  4. Contact Us

    Get in touch with ICAS by phone, email or post, with dedicated contacts for Members, Students and firms.

Login
  • Annual renewal
  • About us
  • Contact us
  • Find a CA
  1. About us
    1. Governance
  2. Members
    1. Become a member
    2. Newly qualified
    3. Manage my membership
    4. Benefits of membership
    5. Careers support
    6. Mentoring
    7. CA Wellbeing
    8. More for Members
    9. Area networks
    10. International communities
    11. Get involved
    12. Top Young CAs
    13. Career breaks
    14. ICAS podcast
    15. Newly admitted members 2022
    16. Newly admitted members 2023
  3. CA Students
    1. Student information
    2. Student resources
    3. Learning requirements
    4. Learning updates
    5. Learning blog
    6. Totum Pro | Student discount card
    7. CA Student wellbeing
  4. Become a CA
    1. How to become a CA
    2. Routes to becoming a CA
    3. CA Stories
    4. Find a training agreement
    5. Why become a CA
    6. Qualification information
    7. University exemptions
  5. Employers
    1. Become an Authorised Training Office
    2. Resources for Authorised Training Offices
    3. Professional entry
    4. Apprenticeships
  6. Find a CA
  7. ICAS events
    1. CA Summit
  8. CA magazine
  9. Insight
    1. Finance + Trust
    2. Finance + Technology
    3. Finance + EDI
    4. Finance + Mental Fitness
    5. Finance + Leadership
    6. Finance + Sustainability
  10. Professional resources
    1. Anti-money laundering
    2. Audit and assurance
    3. Brexit
    4. Charities
    5. Coronavirus
    6. Corporate and financial reporting
    7. Business and governance
    8. Ethics
    9. Insolvency
    10. ICAS Research
    11. Pensions
    12. Practice
    13. Public sector
    14. Sustainability
    15. Tax
  11. CPD - professional development
    1. CPD courses and qualifications
    2. CPD news and updates
    3. CPD support and advice
  12. Regulation
    1. Complaints and sanctions
    2. Regulatory authorisations
    3. Guidance and help sheets
    4. Regulatory monitoring
  13. CA jobs
    1. CA jobs partner: Rutherford Cross
    2. Resources for your job search
    3. Advertise with CA jobs
    4. Hays | A Trusted ICAS CA Jobs Partner
    5. Azets | What's your ambition?
  14. Work at ICAS
    1. Business centres
    2. Meet our team
    3. Benefits
    4. Vacancies
    5. Imagine your career at ICAS
  15. Contact us
    1. Technical and regulation queries
    2. ICAS logo request

Catherine Burnet CA: Why CAs must shake off political uncertainty

  • LinkedIn (opens new window)
  • Twitter (opens new window)
By CA Magazine

28 October 2020

Elections can create disruption for business, but professionals should not lose track of their long-term goals, says Catherine Burnet CA.

Read November's CA magazine now

The awkward relationship between politics and business is rarely more strained than during an election cycle. Business, of course, thrives on certainty – and there are few times more unpredictable than when an election appears on the horizon. Not only are the potential ramifications huge in terms of regulation and fiscal policy, but business also becomes a heated topic of public and political debate.

If there’s one thing we can know for sure, however, it’s that presidential elections in the United States will generate global uncertainty like clockwork. And this month’s election may prove that rule truer than at any point in the last 20 years. The long battle between Trump and Biden should reach its conclusion on the night of 3 November but experts predict it may rumble on for weeks, due to both increased postal voting and possible disagreements over the validity of declared results.

Speaking with colleagues and CAs across the pond, it appears that business has responded to the once-in-a-generation election by completing deals and restructuring at rapid pace. Whether professionals were in the midst of negotiations or considering a new venture, it became hugely appealing to make the most of that shrinking window of certainty.

Playing the long game

Accelerated deal-making is not an uncommon reaction in such circumstances – we saw similar trends in the UK preceding the general election of December 2019 – but this time it has been overlaid by the pandemic. It’s difficult to untangle the nascent economic recovery from pre-election jitters. And, in the long term, the road to recovery is likely to be far less straightforward than it appeared during the global financial crisis, due to localised and temporary lockdowns.

The present danger is that electoral uncertainty may encourage short-termism in both business and government. In the UK, in particular, the number of referendums and elections held in quick succession in recent years has magnified that risk. It’s far removed from the regimented, four-year election cycle in the US that provides some structure for business.

The lack of continuity in approach to the UK economy has often left businesses playing catch-up and, as a consequence, incentivised decisions that prioritise the short over the long term. It’s a difficult balance to achieve when you’re unsure of the general direction of the wider economic environment. And, for multinational businesses, it’s a problem that is magnified by global politics. It’s not just the UK that you need to plan around – it’s also other countries, other continents, with their own propensities to change direction suddenly via the ballot box.

The pandemic has made it much clearer that we are all global citizens. Something that happens on the other side of the world can physically reach us within a day – and the ripples across social media and financial markets are even faster. We’re all in it together. It’s why, regardless of electoral noise and political uncertainty across the globe, we must not lose sight of our long-term goals. Just as we have become accustomed to doing during the pandemic, plan for the unplannable and across multiple eventualities and timescales.

2022-01-xero 2022-01-xero
ICAS logo

Footer links

  • Contact us
  • Terms and conditions
  • Modern slavery statement
  • Privacy notice
  • CA magazine

Connect with ICAS

  • Facebook (opens new window) Facebook Icon
  • Twitter (opens new window) Twitter Icon
  • LinkedIn (opens new window) LinkedIn Icon
  • Instagram (opens new window) Instagram Icon

ICAS is a member of the following bodies

  • Consultative Committee of Accountancy Bodies (opens new window) Consultative Committee of Accountancy Bodies logo
  • Chartered Accountants Worldwide (opens new window) Chartered Accountants Worldwide logo
  • Global Accounting Alliance (opens new window) Global Accounting Alliance
  • International Federation of Accountants (opens new window) IFAC
  • Access Accountancy (opens new window) Access Acountancy

Charities

  • ICAS Foundation (opens new window) ICAS Foundation
  • SCABA (opens new window) scaba

Accreditations

  • ISO 9001 - RGB (opens new window)
© ICAS 2022

The mark and designation “CA” is a registered trade mark of The Institute of Chartered Accountants of Scotland (ICAS), and is available for use in the UK and EU only to members of ICAS. If you are not a member of ICAS, you should not use the “CA” mark and designation in the UK or EU in relation to accountancy, tax or insolvency services. The mark and designation “Chartered Accountant” is a registered trade mark of ICAS, the Institute of Chartered Accountants of England and Wales and Chartered Accountants Ireland. If you are not a member of one of these organisations, you should not use the “Chartered Accountant” mark and designation in the UK or EU in relation to these services. Further restrictions on the use of these marks also apply where you are a member.

ICAS logo

Our cookie policy

ICAS.com uses cookies which are essential for our website to work. We would also like to use analytical cookies to help us improve our website and your user experience. Any data collected is anonymised. Please have a look at the further information in our cookie policy and confirm if you are happy for us to use analytical cookies: