This summer has seen considerable economic uncertainty loom on the horizon for the UK after the result of the EU referendum, and alongside various changes in the economic atmosphere as of late, the Bank of England has chosen to cut the country’s interest rate to 0.25%. The rate hasn’t been cut since early 2009, meaning that it will likely have a noticeable effect upon the savings and repayments of certain businesses and homeowners across the country. At such a time of economic change, business support and the reliance upon accountancy firms in London and beyond may be necessary for some small enterprise owners.
While the change will generally be very positive for those on variable mortgage rates, the cut in interest will hit savers as they may find certain savings rates and accounts barely worthy of deposit – which may well make it more difficult for businesses, entrepreneurs and individuals to invest or count pennies in the long-term. At least, it would seem, until rates rise again, which is sadly never guaranteed. Business support and accountants in London, again, may well be seeing considerable upturn in interest.
The cut in the interest rate is likely an attempt to encourage growth in the UK’s economy, which of course is bolstered by purchasing and re-investing money in smaller businesses – meaning that, as many tax advisors London may advise, it may be a brilliant time for smaller firms and enterprises to put themselves out there for investment, or for them to make considerable investments themselves. After all, resting upon your savings is far from the most advisable option at this stage in proceedings.
Many may be quick to panic or assume the worst as a result of an interest rate cut – but, as matters stand, it could well be a scenario that benefits even the smallest of local firms. No matter where you may be based, accountants in London and beyond will be able to identify the best opportunities for you and your money going forward, and in light of such changes to the British economy.
If you are in need of business support during such economic times and require expert accountants in London that can ensure your financial prosperity for the years ahead, call us on 0800 840 2501 or email us with any queries or concerns you may have – and we will be all too happy to discuss a tailor-made plan to generate the most revenue for you and interest in your services.