Brexit, Prime Minister resigning, new Prime Minister appointed, senior politicians resigning and political chaos have been the theme since June 24th. Today, 4th August 2016 we have just heard that the Bank of England Monetary Policy Committee have unanimously decided to cut the Base Rate to a historical low of 0.25% from 0.5% and also announced a huge package of measures to help stimulate the economy and hopefully head off any possible recession.
All of this is big news for the UK economy as a whole but on a day to day level how does it affect Essex businesses and in particular how does it affect the market for people looking to buy or sell their business. At this stage it is too early to know however we do know that we are currently in the seasonally quiet time of the year anyway with many people away on holiday and it will really start to become clear in September when there is normally a pick up in levels of activity and interest from buyers and sellers. This is also the same with the residential housing market and I think unless there are any further bad news stories to emerge in the next few weeks we will see people getting on with the lives and businesses and still making decision on what to buy or where to invest their money as it certainly doesn’t pay to keep it in the bank these days. Lower interest rates should also mean more affordable mortgages for people looking to buy freehold business and take out loans to help them maximise their investment.
In uncertain times we know that the county of Essex is usually one of the most economically active and we expect the business sales market to continue as it has as we move towards the end of the year and into 2017.