Despite the Bank of England’s 0.5% rate hike on 2nd February 2023 the mood amongst our clients is reassuringly positive.
Daniel Biggs confirms, “We’re seeing a definite uplift in sentiment. Towards the end of 2022 and into the start of this year clients were sitting tight, unwilling to forecast too far in advance. Many were also cautious when it came to holding stock and purchasing in general.”
“We’ve seen a marked change in recent weeks. There’s been a definite shift in confidence levels, with a renewed optimism to purchasing stock, together with upwards adjustments in forecasting.”
“What we’re seeing in everyday business and trading mirrors the Bank of England’s statement, and if the central bank’s optimism surrounding its inflation target comes to fruition, we could see prices drop, rate hikes ease and a potential turnaround for the UK economy.”
The Bank’s statement predicted annual CPI inflation is likely to fall from the current elevated level of 10.5% to around 4% towards the end of the year. We anticipate renewed economic activity and vigour in light of this.
Read the full statement by clicking here.