In a surprise announcement made outside Downing Street on Tuesday morning, Prime Minister Theresa May has called for a snap general election to take place on Thursday 8 June 2017.
Making the announcement, Mrs May said she called the election as Britain needs "certainty, stability and strong leadership" during the Brexit negotiations and beyond.
She added that, despite predictions of a sudden financial and economic crisis, since the vote to leave the European Union, the UK has seen "consumer confidence remain high, record numbers of jobs, and economic growth that has exceeded all expectations.
"Now I have concluded that the only way to guarantee stability for the years ahead is to call this election and seek support for the decision I will take."
Responding to the news of the snap UK general election in June, financial commentators are however warning of increased market volatility.
Speaking to Investment Week, asset manager Steven Andrew advises not to be confident of any prediction outcome, adding that the path between now and 8 June is "unlikely to be a smooth one."
SMEs – To succeed you must prepare
In order to lessen the impact of Brexit on your business, SME owners and managers must ensure they are fully aware of income and expenditure by keeping accurate and timely records and monitoring trends and patterns.
Profit and loss accounts will help you understand how your business is progressing, as well as alert you to any potential issues which might arise. This will give you ample warning to rectify any problems and make the necessary adjustments to keep your business on track and successful.
In this rapidly changing economic landscape, it is also essential that SMEs partner with business advisers who understand the challenges faced by SMEs and the environment you operate in, helping you navigate any pitfalls and implement the appropriate structures and strategies required to remain successful and increase your net worth.
At Beavis Morgan, our specialists to SMEs are available to provide comprehensive business advice and to structure your business for tax. We can also assist with business plans and strategy execution, long and short term forecasts, budgets, sensitivity analysis, and calculating and checking compliance with covenants.