So, to say a lot has happened in the last month would be an understatement.
The situation with regard to Brexit will certainly bring both uncertainty and opportunity in the months and even years ahead. However in the short term we also have political uncertainty across the (now two) main parties, it feels like it may be a while before anything is settled. This can of course lead to a lack of confidence and reservation which does not help any business owner.
As one would expect, this has been a hot topic for clients in recent weeks, with many sharing concerns and many seeing opportunities in equal measure.
Whilst we have seen no emergency budget, we have seen the chancellor reiterate that tax rises will be inevitable on a personal level. It was also interesting to see a quick announcement that the 2020 target of a budget surplus has also been aborted, even before Brexit most experts put this at no better than 50/50 of being achieved. Interestingly this weekend then saw him saying that companies could see their corporation tax cut even further to 15% – a move designed to say Britain is still the place to do business. This would clearly be a very welcomed move. Around both of these measures there are no timescales and we are unlikely to see a further budget until the autumn. We will of course keep everyone informed.
Whatever happens on a national level, the local business community is a resilient one. The time from 2007/08 onwards was tough for many businesses but it did mean that Entrepreneurs and business owners took time to understand their business and financial models and refine them in order to grow and develop. This can only have put them in a strong position to be ready to adapt to any changes in the business environment which will inevitably arise.
If you do want to talk through any of the issues involved, then please get in touch with us.