Monday 05 July 2021 10:04 am | Updated: Monday 05 July 2021 1:03 pm

UK management consultancy industry smashes forecasts with £12bn revenue

The Edinburgh reforms, announced in December last year, are designed to “unlock investment and turbocharge growth” by repealing “burdensome pieces of retained EU law”.

The UK’s management consultancy industry has grown at double the rate expected for this year, with revenue hitting £12bn, according to the industry’s representative body.

The report by the Management Consultancies Association (MCA) found exports have doubled, despite working from home orders across the UK.

“The global attractiveness of the UK consulting sector, the second biggest in the world, is clear and we are now exporting to more countries than ever before thanks to new digital ways of working,” MCA CEO Tamzen Isacsson said.

Over half of MCA member firms, 57 per cent, expect their organisation’s office workspace to shrink as hybrid working becomes more established.

“Smaller consultancies also saw their market share double from one per cent to two per cent while the larger firms saw a decline in market share from 88 per cent to 79 per cent,” the report said.

The MCA has forecast growth in the double digits for this year, despite growth of no more than seven per cent since 2016.

“Firms have made important strides in improving diversity and inclusion in some key areas such as female leadership and this momentum must continue as we increase efforts to improve progress, implement best practice and monitor the diversity of the sector workforce over time,” the CEO added.