Emergency budget…?

Inflation, interest rates, and an emergency budget?

Liz Truss - currently leading the race for Number 10, has announced that she plans to use an emergency budget to help grow the economy. This is on the back of the Bank of England raising interest rates by the most in 27 years and issuing a warning that a long recession was on its way.

"We need to take immediate action to deal with the cost of living crisis, grow the economy and deliver as much support to people as possible. As Prime Minister, I'd use an emergency budget to kickstart my plan to get our economy growing and offer immediate help to people struggling with their bills."

The BoE also warned that consumer price inflation was now likely to peak at 13.3% in October - the highest since 1980. That would leave households facing two consecutive years of declines in their disposable incomes, the biggest squeeze since these records began in 1964.

Truss, currently bookie’s favourite for prime minister, has also pledged immediate tax cuts if she takes leadership. Her rival candidate Rishi Sunak has warned her plan could stoke inflation...

There’s more to the story, but we’re not political commentators. We know business…

OK… So, how can I prepare?

When it comes to things like budgets - let alone national ones, ‘emergency’ is never a word you want to hear. Whatever your thoughts on the leadership contest, what you need to know is how to survive hard economic times, as there’s no doubt they’re here. We provide a range of products, services, and free tools to maximise your recruitment business efficiency. Keep your team focused on winnng new business and making placements - leave the rest to us.

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