If you have responsibility for budgeting in your business, the events of the last couple of years will undoubtedly have kept you busy and will probably have thrown some challenges your way. You’re not alone. Businesses everywhere are struggling to set and maintain accurate budgets, beset on all sides by world events and economic trends.
So how do you budget effectively, and more to the point accurately, with so many external influences at play?
One of the problems with historical records is they sound grand but often end up obfuscating other historical records. The announcement by The Bank of England on 3rd November that interest rates were to rise by three-quarters-of-one-percent (0.75%) meant that this was the biggest single jump in rates for more than three decades, thirty three years to be precise. Whilst not ignoring the significance of this move, it could allow us to forget that this also brings to an end one of the longest periods of low interest rates in history.
If there’s one thing the recent hokey cokey of Chancellors and fiscal policy has achieved it has to be a rigorous testing of our sentiment towards taxation. Whilst it is hard to imagine that anyone has found this funny or even useful for personal and commercial planning purposes, as a research case study it provides tremendous insight on public opinion and our threshold for taxation.
There was a lot announced in the mini budget that took place on Friday 23rd September 2022 and it has had a significant impact on markets and currencies ever since.
Our summary of the full statement, helps you understand all of the changes, when they will come into effect and how they might apply to your personal or commercial circumstances.
Just when we thought that Covid might have been the final nail in the coffin for cash, it would appear that the cost of living crisis has given it somewhat of a reprieve, even a chance for revival. Data from the Post Office suggests that the amount of cash deposits and withdrawals in July 2022, was the highest it’s been in five years.
As the runners and riders begin to line up, one thing is for sure, the subject of taxation will play a key part in the election process as each candidate tries to woo their colleagues and prove that they truly are a Conservative Prime Minister.
So far in June every piece of news seems to have been reporting record highs or lows in economic data. Interest rate rises, low unemployment, rising inflation, high job vacancies, negative wage growth and slow or negative GDP growth tell their own stories but collectively give a very mixed picture pointing to a faltering economy.
It’s not surprising to hear of an increase in the number of new start-ups formed during or immediately following a downturn in economic activity. However, recent research suggests that the 2021 figures were higher than some may have expected and the growth appears to be driven by the use of digital and remote platforms.
Data published by Nationwide Building Society shows that annual house price growth hit 10% in November. This latest rise puts the average price of a UK house at £252,687 in November 2021, which when compared to March 2020, immediately before the pandemic hit, means that house prices are almost 15% higher overall.
For the first time since the number of job vacancies were recorded in 2001, the Office for National Statistics (ONS) has announced that they topped 1 million in August 2021. Despite much speculation that it would be unemployment figures that would peak at this point, following the pandemic and the winding down of the furlough […]
In a much anticipated ‘emergency budget’ announcement, The Chancellor set out a series of targeted measures to boost aspects of the economy, struggling in a post Covid environment. Whilst it is expected that some sectors will not be able to recover for some months yet due to the continued need for social distancing, Rishi Sunak […]
Long awaited, and in the end overtaken by global events, new Chancellor Rishi Sunak delivered his first budget on Wednesday 11th March 2020. Just weeks in to the top job, and with Coronavirus requiring him to think on his feet, it was hardly a relaxed period of planning for Mr Sunak. The Chancellor certainly ensured […]