Buckle up2

1. Buckle up! We are about to crash!! Says the UK's economy? The UK’s economy is about to shrink by 1.4% as forecasted by finance minister Jeremy Hunt. According to the Office for Budget Responsibility (OBR) it is plausible that the UK economy will crash by 2023. This news came and took the peace out of Accountants life. Part of it can be blamed on the Covid outbreak because it is not the main villain. Inflation is the final boss we all need to be wary about because of obvious reasons. Due to rising inflation, the economy of the UK has been under constant stress. And the worst part is inflation rates are growing up constantly, matter of fact they are now up to 11% which means that the global economy is going to take a hit and slow down. And the last nail in the coffin was the term served by Liz Truss. Their choices impacted the financial market volatility in the wrong way. Where did we go wrong? The projections previously shown by OBR indicated that the gross domestic product will grow by 1.3% in the year 2024 and 2.6% in 2025. But to stabilize the public finances and avoid recession Hunt passed the bill to get higher taxes for the financially high earners and energy companies. This budget also included other actions like: Freezing over the income tax allowances 

2. Lowering the threshold for taxpayers  All these rules were made just to fill up the public financial hole that came with inflation. This said hole is approximately 55-billion pounds! And the reaction of the market was something that led us to where we are today, on the brink of recession. How can Accountants help with the situation? Accountants in Coventry are especially familiar with what is going on and how they can tackle the situation to minimize the damages coming your way. Some of how they can help are: Help to lower and keep the burrowing costs down They can help to look for ready-to-spend customers They help to increase your sales by a far stretch    And the list goes on because with advanced knowledge comes a new way to deal with the situation. That’s why it is recommended to get yourself a Limited company accountant as soon as possible if you want to find some relief in the heat of inflation. For more information on accountants and the economy, you can visit Cheylesmore accountants.