What impact due to the recent tax cut and base interest rate hike?

Question

What impact will there be on construction procurement quotations, cost of items manufactured abroad, etc due to the recent tax cut and the increase of the Bank of England interest rate?

Eugene Kouumdjieff · Accepted Answer

It’s a bit early to say for sure Hardip, but the most recent tax cuts and extra borrowing announced in the recent mini budget are fueling the already super high inflation and as a result yesterday GB Pound has dropped to a record low against the USD. A lot of people were expecting that the Bank of England would announce an emergency rate hike to support the pound, which they have failed to do and as a result I expect for the GBP to remain weak at least for the short term. Weak pound helps UK exporters, but is not good news for those importing in the UK as it makes their imports more expensive.

What impact due to the recent tax cut and base interest rate hike?

Procurement

construction

cost

Tax

items

hike

Hardip Ghattaora

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