The good news this week is that a leading UK economic forecasting group has improved its estimate of the UK’s economic performance in 2021. It has also forecast a rebound in growth over the next two years and predicts a return to growth for summer 2021, with GDP to rise by 5% in 2021 and 6.5% in 2022.
The bad news, however, is that Government borrowing has hit a record high. The cost of dealing with Covid-19 has meant UK borrowing is at its highest level since the Second World War.
Public sector borrowing reached £303 Billion in the year to March, the Office for National Statistics has reported. This borrowing will need to be addressed at some point in the near future, meaning that now is a good time to start planning a business strategy to keep you and your business flexible and resilient to changes in government taxation policy.
We cannot foresee the future, but we do know the best way to predict the future is to create it.
Please talk to us about our business and cash flow planning services which our most successful clients take advantage of.
Contact your usual Beavis Morgan Client Partner or email info@beavismorgan.com.