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Bank of England cuts growth forecast

The Bank of England (BoE) has cut its growth forecast to 1.7% – down from 1.9% previously forecast in May 2017.

The BoE also reduced its growth forecast for 2018 from 1.7% to 1.6%.

This news comes as interest rates were held at 0.25% to stay in line with the 2% inflation target set by the Monetary Policy Committee.

Dr Adam Marshall, director general at the British Chambers of Commerce, said:

“In our view, the BoE forecasts are still slightly optimistic about the near-term outlook for the UK economy. We expect inflation to rise by more than the central bank is currently predicting, peaking at 3.4% this year. 

“Businesses continue to report rising prices at factory gates, which are squeezing profit margins and investment intentions.”

Mike Cherry, chairman at the Federation of Small Businesses, added:

“With inflation set to pick up again towards the end of the year, our entrepreneurs need support. Many are paying themselves less and further increasing prices in an attempt to handle the squeeze. 

“The last thing they need is hikes to stealth taxes, particularly fuel duty and insurance premium tax, as part of attempts to paper over gaps in the public finances.”

Contact us about how inflation could affect your business.

Why Clients Choose Easy Accountancy

Easy Accountancy offers a low cost, fixed fee accountancy package with all clients receiving their own dedicated, friendly, approachable accountant.

All of our accountants specialise in providing accountancy services to the self-employed, freelancers, sole traders, small to medium sized limited companies and private individuals. All accountants are employees of Easy Accountancy and we never outsource or offshore work.

Our low cost, all-inclusive fixed-fee accountancy service includes unlimited access to your own dedicated accountant throughout the year and covers all your business and personal tax affairs needs.

All our accountancy services include:
  - Unlimited access to your accountant
  - Ongoing advice on how to manage your business
  - Proactive tax advice throughout the year
  - Updates and reminders so you'll never miss a deadline
  - Free bookkeeping software

As a sole trader our fees start at just £60 + VAT a month, for this you receive the above plus:
  - Completion of your Self-Assessment tax return
  - Advice on how much Income Tax to pay
  - Guidance on National Insurance contributions

As a limited company our fixed fee packages are bespoke to your needs, however typically you’ll receive the above, plus:
  - Completion of your year end accounts*
  - Completion and submission of your annual return Companies House
  - The director/s Self Assessment tax return
  - Payroll bureau
  - Dividends and corporation tax computations

We’ve saved our clients up to half on their accountancy bills – if you’d like a quote, click on the quote me button to the right of this page. Alternatively, call us on 01442 275767 or email newbusiness@easyaccountancy.co.uk.

*If you would like us to complete your company year end accounts we simply ask that you have been a client of Easy Accountancy for one year or have made 12 monthly payments.