Accountants tell clients to not “panic” despite predictions of an “unavoidable” recession

Posted on August 22, 2022Categories Accounting Firms, ICAEW, Recession

Accountants across the UK are urging clients not to “panic”, despite new data from the Office for National Statistics reinforcing the threat of an impending recession. On August 12, the ONS announced a 0.1% drop in quarterly GDP figures, cementing fears of an impending recession later this year. The Institute of Chartered Accountants in England and Wales (ICAEW) has predicted that a winter recession is “unavoidable”, but accountants are aware there is a risk of the sector talking itself into … Continue reading “Accountants tell clients to not “panic” despite predictions of an “unavoidable” recession”

BoE rate hike could push UK into recession and add billions to household costs, experts warn

Posted on August 10, 2022Categories Accounting Firms, Bank of England, ICAEW, Interest Rates, Mazars

The Bank of England’s (BoE) Monetary Policy Committee confirmed that interest rates will rise 0.5% percentage points to 1.75% in a bid to curb inflation. Suren Thiru, economics director at the Institute of Chartered Accountants in England and Wales (ICAEW), warned that raising interest rates is “more likely to nudge the UK into recession than curb the current spike in inflation”. The Bank of England is facing a “near impossible” trade-off between soaring inflation and an economy on the brink … Continue reading “BoE rate hike could push UK into recession and add billions to household costs, experts warn”