Despite the fact that the Federation of Small Businesses (FSB) figures this week show that business confidence has dipped, the think tank, Organisation for Economic Cooperation and Development (OECD), has said they feel that Brexit will not have as serious an impact as originally feared, revising its growth forecast for the UK economy.
The new forecasts show the UK economy to grow this year by 1.8 per cent, a 0.1-point increase on the pre-referendum estimate, but then fall by more than it had previously envisaged. It has also downgraded its world growth estimates for both 2016 (2.9 per cent) and 2017 (3.2 per cent).
OECD’s chief economist, Catherine Mann, has however warned that the full repercussions of the UK's decision to leave the EU would not be fully apparent until next year and that its pre-referendum estimates had not taken into account any possible policy changes by the Bank of England and the Treasury.
If you have any concerns about your personal financial situation or that of your business, contact a member of our Beavis Morgan team who will review your situation and guide you through the steps most suited to you and your business requirements. Contact Steve Govey or your usual Beavis Morgan Partner.
Further reading:
British business confidence on the rise
Happy customers and healthy cashflow: the key to business success