Speaking at an event organised by the Institute for Government, Andy Haldane, the Bank of England’s chief economist, expressed “surprise" at the performance of the UK, calling economists' failure to accurately predict the impact of Brexit a "Michael Fish" moment.
In contrast to economists' predictions, the UK has in fact experienced accelerated growth since last June's Brexit vote. Activity in the services sector increased to a 17-month high in December, and the economy is proving to be more resilient than anticipated with GDP growth at a better-than-expected 0.6 per cent between July and September.
"We had foreseen a sharper slowdown in the economy than has happened – in common with every other, almost every other mainstream macro forecaster," Mr Haldane said, adding that there was was a “genuine uncertainty” as to the outcome of the Brexit negotiations.
In this rapidly changing economic landscape, it is essential that business owners partner with advisers who understand your business and the environment you operate in, and can help you navigate your challenges – no matter the size or stage of your business.
Business owners and managers must be aware of income and expenditure by keeping proper 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, giving you ample warning to rectify the problems or make the necessary adjustments to keep your business on track and successful.
At Beavis Morgan, our specialists to SMEs are available to provide general 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.