Inflation can often be perceived as a 'stealth tax'.
You might be pleased to have secured an interest rate on your savings as high as 5%. Congratulations on that 🎉
However, here's a reality check...
If the current inflation rate of 11% per annum persists in the UK (and it has been quite persistent so far), you are still experiencing a loss in purchasing power.
To illustrate this, consider this scenario: £100,000 deposited in an account with a typical interest yield of 1% will see its purchasing power halve to £50,000 in approximately 6-7 years at current inflation rates. If your bank interest rate is as high as 5%, the value of your account would halve in around 12 years.
As a business owner, it might be beneficial to start familiarising yourself with the financial and tax levers that could help or harm you. Also, start to learn more about crypto...