In this episode, we discuss the government’s new Industrial Strategy and, in particular, its sector plan for professional and business services with Iain Wright, ICAEW Chief Policy and Communications Officer. Iain is Chair of the Professional and Business Services Council, which has worked closely with government in devising the final plans.

We also met speakers at ICAEW’s How to Fix VAT conference on 18 June 2025 to learn about the complexity of the UK’s VAT system and the obstacles to reforming the tax.

Those interested in sharing their views on the Industrial Strategy can contact Iain Wright by emailing iain.wright@icaew.com.

Time codes

00:42 Inside the Industrial Strategy

22:46 Navigating VAT reform

Links

• ICAEW: Industrial strategy – four changes to boost professional services: https://www.icaew.com/insights/viewpoints-on-the-news/2025/jun-2025/industrial-strategy-four-changes-to-boost-professional-services 
• ICAEW: Industrial and Infrastructure Strategies – key measures at a glance: https://www.icaew.com/insights/viewpoints-on-the-news/2025/jun-2025/industrial-and-infrastructure-strategies-at-a-glance 
• ICAEW: Government reveals ambitions for key sectors: https://www.icaew.com/insights/viewpoints-on-the-news/2025/jun-2025/government-reveals-ambitions-for-key-sectors 
• ICAEW: UK government backs services in Trade Strategy: https://www.icaew.com/insights/viewpoints-on-the-news/2025/jun-2025/uk-government-backs-services-in-trade-strategy 
• ICAEW: VAT hub: https://www.icaew.com/technical/tax/vat 

Host

Philippa Lamb

Guests

• Iain Wright, Chief Policy and Communications Officer, ICAEW
• Max Schofield, Barrister, Devereux Chambers
• Rebecca Porter, CEO, The VAT Team
• John Whiting CBE, Former Tax Director, Office of Tax Simplification
• Yige Zu, Associate Professor, Durham University
• Dennis Lui, CEO, Tax Academy of Singapore
• Ed Saltmarsh, Technical Manager, VAT and Customs, ICAEW

Producer

Natalie Chisholm 

Episode first published: 8 July 2025

Podcast recorded: 1 July 2025