The firm’s UK revenues are up 17.2% and UK fee income increased to £3.23 billion from £2.75bn over the last financial year. Distributable profits before tax increased to £634 million, up from £533m in FY21.

As Partners prepare to vote on whether to separate into two businesses – a global partnership and a new corporate - EY says that it is well-positioned to approach this industry defining move, with a strong UK business driven by long-term investments in its people, technology, sustainability and audit quality.

Revenues grew across all of the firm’s service lines in the UK. Consulting grew by 33%, followed by tax, assurance and strategy and transactions which generated growth of 15%, 11%, and 10% respectively. EY has also seen strong demand across all its industry sectors with stand-out performances from consumer products (26.4% growth), private equity (26.1%), energy (21.3%) and financial services (13.6%).

Hywel Ball, EY UK Chair, commented: ”With companies facing a convergence of challenges, from climate change and the pandemic to economic uncertainty and shifting consumer habits, we’re investing in the talent, skills and services needed to help our clients transform, grow and build trust with their stakeholders.

“Over the last financial year alone we’ve recruited over 5,500 people across all parts of our business, with 37% of roles based outside of London, and appointed 120 new equity Partners.

“We’ve expanded our range of services in areas including technology consultancy and sustainability through acquisitions and the launch of EY Carbon. Plus, we’ve invested over $1bn globally in audit quality, supported by a refreshed investment strategy here in the UK.

“Our legacy as a single organisation has been exceptional and we’re in a strong period of growth for our business. I’m proud that, against this backdrop, we are taking the opportunity to review the shape of our business in the UK and globally to ensure we’re well positioned to build on this success into the future.”