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UK Budget: Adaptive Insights comments on what businesses should do next
The UK Government has announced its Budget for the year ahead. The planned switch for business rates to rise in line with the consumer prices index (CPI), rather than retail prices index (RPI) has been brought forward to April 2018. In addition, the forecast for economic growth has been slashed; the Office for Budget Responsibility (OBR) predictions see the UK economy growing by 1.5 percent this year and 1.4 percent next year, compared to its predictions in March of 2 percent this year and 1.6 percent next.
Rob Douglas, vice president of United Kingdom and Ireland for Adaptive Insights, offers the following comment on the impact these changes will have on financial planning for UK businesses:
“The UK Budget today has only stressed the importance of businesses having an active planning process as part of their financial planning strategy. Many UK companies that are not set up for continuous planning and the ability to run what-if scenarios may find it difficult to respond to and adjust their forecasts in light of today’s Budget, not least because it allows little room for compromise. Whether it’s changes to business rates, or the fact that the United Kingdom’s economy is growing at a lesser rate than predicted – which has already had repercussions on Sterling – businesses will need an accurate,active planning processes in place to predict future performance and drive business growth.
“To enable this corporate agility, UK businesses must plan in real-time, with current data from across the organisation and managed in a single system of record or a single source of truth. This will allow companies to make effective, data-based decisions using accurate data, rather than relying on spreadsheets that are prone to discrepancies or may be outdated. Being able to plan in real-time, organisations will be able to continuously prepare for the business and economic changes announced by the UK Government today. This will allow decision makers to propel their businesses forward and ensure that they’re prepared for any eventuality, such as the Budget.”
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