The Government has allocated funding to boost the global presence of UK professionals and further the recognition of UK qualifications abroad.
The Recognition Arrangements Grant Programme will grant up to £75,000 per financial year to UK regulators and professional bodies. The fund can assist them in negotiating agreements with their global counterparts.
The initiative aims to streamline the process of having UK qualifications recognised internationally, making global expansion more accessible and cost-effective for professionals.
The UK globally ranks as the second-largest services exporter, just behind the US. Despite this, qualifying as an accountant, architect, engineer or lawyer in the UK will often not qualify you to practise abroad.
The Government is therefore pledging £500,000 to enhance international opportunities and help professionals overcome bureaucratic hurdles in foreign countries.
UK regulators and professional bodies have welcomed the new funding. Executive director of supervision at the Financial Reporting Council (FRC), Sarah Rapson, said:
"The Recognition Arrangements Grant Programme has been invaluable in supporting the FRC to successfully secure mutual recognition of audit qualifications.
"This will boost the UK's audit market and further strengthen the UK's close financial ties with key overseas markets."
The programme will run until 31 March 2025, with the application window open until 11:59 pm on Friday 22 March 2024.
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