Published: 02/11/2022 By Hannah McCormackWith a new Prime Minister and a new cabinet what changes lie ahead?!
We will just have to wait until 17th November when there will be a full Autumn Statement. The delay allows the new cabinet time to prepare more accurate economic forecasts suggesting wider spending as well as taxation policies to be announced.
According to Chancellor Jeremy Hunt the new government will ensure UK borrowing falls over the medium term and Prime Minister Rishi Sunak has warned of “difficult decisions” needed to be taken to ensure the economic stability of the country.
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During these uncertain times what should you as a business owner be doing?
As accountants we suggest that you have an overview of your business; look at what your strengths, weaknesses, opportunities as well as threats are. Try and get an understanding of where you sit in the marketplace, as well as scoping out what your competitors are doing. Are there any processes you could be doing differently or more efficiently?
Visualise what the business looks like when it is running successfully and in profit, then make a plan of how to get there, and what steps need to be put in place. Prioritise certain areas that perhaps need an extra bit of tlc.
Here at turpin barker Armstrong we can help you with cashflow planning and any scenarios you should be prepared for. Just give us a call or email and we can set up a meeting.