A Brexit Christmas?
Worry ahead as the British Chambers of Commerce (BCC) announce their fears that the growth seen since the decision to Brexit may be just a short-term increase. The Economy has performed better than expected since it was announced that Britain will be leaving the EU and the BCC predicts that we will see a 2.1% increase in GDP compared to last year’s figures. However this in turn sparks a growing concern for the future of the UK’s economy. It is felt that there will be a fall in the value of the British pound in time to come that may have an adverse effect on the economy overall with today’s figures showing that the Pound’s value has fallen to 15% against that of the Dollar and a 10% against that of the Euro according to BCC’S figures so far. The BCC represents over 100’000 UK businesses and is a national body of 52 accredited chambers of commerce in the UK.
So should we be worried we all ask?
The BCC implores the Government to help UK businesses that face a future of uncertainly and risk in particular to EU workers and overseas contracts that many firms have. Household spending compared to income levels remains a concern and many feel anxious about their financial futures with a lot of UK families within the boundaries of ‘breadline’ families.
The fall of the Pound could be felt sooner rather than later, the Office for National Statistics (ONS) add that investment in businesses has done well since the UK decision to Brexit and the Retail industry in particular remains in a good position so far. The car industry is one sector that has continued to do well with over one million cars being manufactured in the UK so far this year and has gone from spending to strength according to the Business and Energy Secretary earlier in the year. However in sharp contrast, consumer spending has hit a low in terms of confidence in the UK’s ability to cope with many holding back on first time mortgages and other financial commitments. The Christmas period, one usually which provides a major boost to financial figures may see a dip this year and spending slows down towards the end of the year.
What can we all do to help ourselves?
Well, firstly let’s not panic, we cannot always make accurate predictions despite expert’s advice and they don’t always prove true. So, let’s exercise prudence when it comes to our spending, putting money aside is never a bad thing and tightening our purse strings could prove a good idea. Saying that, at this time of year it’s easy to overspend with even the best intentions. Perhaps, keeping an eye on our spending whilst enjoying the festive time of year will help us to make way for a leaner Near Year? The proof is in the Pudding as they say and saying goodbye to 2016 may bring some worries for some but many will won’t to actually see the year off with the usual festivities before they start to worry about what 2017 will bring. One thing is for sure; don’t worry on your own if you don’t need to, with lots of free help out there to get your finances in better shape. If you are worried, take advice from one of the many advice centres available such as Citizen Advice or The money advice centre to name just two. Get help if you need it, even if that is just somewhere to of load your concerns.
Most of all, whilst exercising constraint in your spending is always wise, don’t let it be at the cost of your health and happiness!