Rishi Sunak’s Autumn Budget

While interest rate decisions are managed by the Bank of England, actions taken by the Chancellor could have an impact on decisions made. Mr Sunak will release his next budget on October 27 and many expect the Chancellor to start balancing the books with coronavirus spending, which could lead to further difficulties for Britons.

Steve Jacob, CEO of Fabrik Invest, reflected on what announcements could be made over the coming months.

“The Chancellor is definitely going to use the Budget to start looking at ways to claw back some of the monies that have been given away over the course of the pandemic so far,” he said

“Sadly, I think that will be it will be business owners who bear the brunt of this. I would imagine that you’ll see some sort of corporation tax hike, or at least that the Chancellor will allude to a corporation tax hike within the foreseeable future.

“He will probably put business rates up by 10 percent and then just start slowly introducing increased taxes, with a view to going for business owners, which isn’t great. I don’t think it will be good.”

Dale Anderson, the MD of Fabrik Invest, noted rate increases are unlikely in the immediate term, rises could be on their way following the Budget.

“The possibility of interest rate rises is very unlikely at this stage,” he said.