With debate over the possibility of a UK recession hitting headlines throughout the year, the Bank of England has now warned the UK is set to fall into recession after the largest interest rate increase in 27 years.
For the remaining 3 months of the year, experts have forecast a further shrink in the economy, which will continue to shrink until the end of 2023. This means the UK is likely to face almost 2 years without a quarter of growth caused by the worsening cost of living crisis.
While the effects of a recession are likely to impact consumers the most, businesses may be subject to staff cuts, increased interest rates on loans, and slowing profits caused by a decrease in sales.
Here at Aston Shaw, we understand the devastating effects a recession can have when the right precautions aren’t taken. We can ensure your business assets are protected throughout a recession by mitigating any potential risks. Read our most recent blog on how we can help you safeguard your business from the effects of a recession or get in touch today.
