Will The UK’s Economy Improve Under The New Prime Minister?

The new prime minister is on the seat and with the hopes of seeing the new light we’ve all crossed our figures. The economic crisis and winter crisis have both struck us together and we will need to stick it through if we want to make it through these winters. And no one understands the danger better than the accountants in Birmingham.

The seeds of economic instability which were sown so long ago are now sprouting to become a plant full of thorns on our sides. And the previous prime minister did nothing more than just give water to it.




So are we safe with the appointment of the new prime minister?

It is still too early to say what will become of the economy but there are some rays of hope that we can see shining through the frosty clouds.

Here are some of the economic and political challenges that the UK has to face:

 

Economic challenges: 

In a recent speech, Sunak stated, “Right now our country is facing a profound economic crisis," which is true since Britain is on its way to facing the most toxic combination of recession and increase in interest rates.

To manage the crisis many decisions were taken like rising borrowing costs or unfunded tax cuts which did nothing more than aggravate the fire.




What does the Prime minister have to say?

Sunak has acknowledged the fact that the Bank of England has to work with government policy for the betterment of the country and to tame the beast we call inflation.

Sunak is on course to fix the economy by setting up a new governmental unit to review the EU regulations to keep Brexit safe.

Fancy learning more about what’s going on and getting great advice from Birmingham Accountants? Then visit Cheylesmore Accountants. Here you will find everything from expert accountants to the latest law and policies related to finance and tax.

Comments

Post a Comment

Popular posts from this blog

3 Great Bookkeeping Tips from Accountants in Coventry

Image
As a Coventry business owner, you know that accuracy and diligence are of the utmost importance when it comes to your bookkeeping practices. Keeping your books accurate and up to date can be challenging but with the right tips and guidance, it can help streamline your processes and lend to greater profitability. And although you can get guidance from a limited company accountant , you can follow some of these bookkeeping tips. Bookkeeping tips for Coventry business owners:  Organize your paperwork The first step in any successful bookkeeping routine is to make sure that your paperwork is organized. This means having both digital and physical filing systems set up in place. When receiving any invoices or receipts, take the time to ensure that they are all filed in the appropriate folders. Having paperwork organized and easily accessible ensures nothing gets overlooked or left out when tallying up your financials. Create a system Once you organize the paperwork, you can create a system t
Read more

How to Create a Solid Financial Plan with Budgeting Basics

Image
Ever questioned why some individuals succeed in their financial objectives with ease, while others struggle? Would you like to discern their business success secret? Be our guest! Everyone wants to be financially stable, but this is not something that occurs by chance. Expert Coventry Accountants suggest budgeting as a crucial measure for achieving this steadiness. You can control your expenditures and income, put funds away for the future, and accomplish your financial objectives by creating a well-thought-out budget. We’ll go through the fundamentals of budgeting in this article and show you how to make a sound financial plan. 1. Calculate Your Income Knowing your income and expenses is the cornerstone of every budget. Calculate your entire monthly income to get started. Included in this are your salary, any side job you may have, rental income, and any other streams of cash flow. For the purpose of making an appropriate budget, knowing your actual income amount is essential.  2. Li
Read more

Micro and macro level accountants for limited company

Image
  Are you wondering how and what kind of accountant will be the best for your company? Then you have to get the difference between micro-level accounting and macro-level accountants. And based on that information you can decide which kind of Birmingham Accountant will suit your organization the best. There are two types of roles of a CA which are- Micro level Macro level What is the difference between the Micro level and Macro level?   Micro accounting-   The accounting which is used on a small or individual level is called micro accounting. This term implies to small businesses that do not require the extensive type of accounting and there are cases in which even corporations and other organizations also use micro accounting. Since micro accounting focuses on a smaller scale it usually focuses on the liabilities and accounting options. Macro accounting- When a limited company accountant does accounting of the whole organization it is known as macro accounting. And just as the term s
Read more