The latest Office of National Statistics figures show that inflation is now at 20 month high, with the weaker sterling pushing up consumer prices by 0.6 per cent over the last 12 months, hitting it’s highest level since November 2014.
With the lower pound likely to continue to put upward pressure on prices, Britons will feel the squeeze financially as fuel prices continue to rise, housing prices go up (UK house price inflation grew to 8.7% in June), travelling on holiday overseas becomes more expensive and the cost of imports of good like fresh produce from abroad increases, pushing consumer price inflation higher.
While it still remains largely unclear what the future relationship between Britain and the EU will look like, and we wait to see the full extent of the economic shock from Brexit, one thing is clear and that is that British households are feeling squeezed.
If you have any concerns about your person financial position, or the cashflow of your business, speak to one of our experts at BM Advisory – the sooner advice is taken, the greater the range of options that could be available to you to resolve your financial situation and get back on the right track. Our partner business BM Structured Finance, is also able to source and restructure debt finance for your business, enhancing cash flow liquidity and enabling maximum growth.
Contact Mike Solomons or Andy Pear of BM Advisory, or Simon Belton of BM Structured Finance for an initial free, confidential consultation. Alternatively, please speak to your usual Beavis Morgan Partner who will be able to assist.