Is a tax rise unavoidable?
With a £394bn deficit, thanks to the coronavirus taxes will have to up to pay for it. Experts believe taxes will be raised possibly as soon as April when the spring budget is announced.
UK economy has contracted by 11% which is the largest fall in 300 years, unemployment is expected to reach 7% which means 2.6 million people are out of work. If the coronavirus restrictions continue into March many businesses won’t even be getting back on their feet.
And let’s not forget Brexit is looming in a few weeks with no deal on the table. According to newspaper reports, the chance of a Brexit deal is 50/50.
“EU sources say the talks have come down to big political decisions on the three contentious issues: fisheries, fair competition and dispute resolution.”
But with all the doom and gloom business owners are cautiously optimistic, many businesses have developed new services, introduced new technology, perhaps, at last, embraced an online presence! I feel the businesses that survived this year have been able to adapt and that has to be encouraging.
The road ahead may be bumpy but at least we are still on the road!