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UK INTEREST RATE HIKE: ADAPTIVE INSIGHTS COMMENTS ON IMPACT TO FINANCIAL PLANNING
For only the second time in a decade, the Bank of England has today (Thursday 2 August 2018) announced a 0.25% increase in the interest rate – putting it at 0.75%. This puts the interest rate at the highest it has been since March 2009, and the move is predicted to increase the costs of more than 3.5 million residential mortgages that have variable and tracker rates. Savers meanwhile are likely to welcome the hike as it is possible that they will also see a lift in their interest rates over the coming months.
Rob Douglas, VP of UKI and Nordics at Adaptive Insights, advises that companies review their financial planning processes in light of the news. He comments:
“Ultimately, it is the companies that do not currently have sound financial planning processes in place that are likely to be impacted when changes like this occur, as it can upend budgeting and forecasting, making it difficult for finance and management teams to develop accurate financial plans and make business-critical decisions.
“The 0.25% extra interest rate is being announced at an already uncertain time, when many fear the long-term effects of a possible no-deal Brexit or a potential trade war with the US on their business, organisations across the country will need to once again adjust their financial plans accordingly. To do this, companies must plan in real-time, with current data from across the organisation, so that they can mitigate potentially damaging consequences, such as a negative impact on profit margins.
“The interest rate hike, while expected, is a reminder why businesses need to be able to continuously update their financial forecasts in real-time. Manual spreadsheets and processes simply don’t cut it anymore and finance teams need to be able to respond to economic changes such as this efficiently and effectively. With a modern, active approach to planning and forecasting, businesses will have the foresight and visibility to make better decisions faster, minimising the impact of unexpected government, regulatory or economic changes.”
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Michelle Collins Elected to Deluxe Board of Directors
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Club Brugge KV Appoints Neo as its Official Foreign Currency Exchange Partner
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