An impending recession is on a lot of people minds at the moment, which is highlighted by the reality that the UK is on the brink as energy prices continue to rise and the cost-of-living crisis deepens. Pretty much every major political figure and media source struggles not to blame this impending crisis on a combination of COVID overspending, as well as the current war in Ukraine.

During the pandemic, an estimated £400 billion was spent in support throughout the UK. Take away the fact that there was a global health crisis, it’s hard to fathom £400 billion being spent willingly on welfare or infrastructure for example. Admittedly, a large sum of borrowing is needed from the government’s regular pot of finances when a crisis hits, however this is borrowed from the Bank of England, which is ironically owned by the UK government. Inflation has hit 9%, which is expected to rise even further throughout the year, specifically come October when another energy hike in prices is set to wreak more chaos on lower income families.

Recessions are troubling and worrying times, not least for business owners, but just like the pandemic they can be looked on favourably as a great way to refresh your business and really scrutinise its systems, processes and operations. This is where Abbey Accountants can help out, working with you to identify what needs recession-proofing in your business and providing the solutions to not only survive during the impending recession, but to thrive. Call us now to book in for your meeting 01992 642024.