The London Olympics – Ten Years On
Ours is largely a practical business and the service we provide is skewed towards practical solutions aimed at making your life easier or better, or your business easier to manage. Or hopefully all of that and more!
However, there is space for us to go off occasionally on a philosophical tangent and help with some thought-provoking material, and ideas. That leads us to mention the London Olympics and the rather sobering reflection that ten years have now passed since those wonderful experiences that seemed to draw the whole country into a month-long celebration of all things Britain.
The ten years since have flown by and have embraced an independence referendum, Brexit, Covid and now a war in Europe. It’s also seen the UK national debt go from around £1 trillion to £2 trillion.In broader terms that 10-year period has seen a stark deterioration in the prospects for the environment, and a staggering rise in the power and influence of all thing’s tech-related.
Just on Artificial Intelligence (AI), reports show that the speed of progress is roughly a doubling every 3.4 months since 2012. In layman’s terms this means that everything AI-related is moving exponentially, and we know from infectious diseases, such as Covid, that if something is growing exponentially it might have limited impact in its early growth phases but once it reaches a critical mass its growth becomes game-changing. That’s what is happening with AI. There is no current sign of this slowing.
Therefore, expect the world and the way everything works to look very different in ten years’ time, than it does today. Very different! With applications and implications, you cannot even imagine today. There various points might seem loosely connected, if connected at all, but they are all indicative of something important.
The world around you and that you operate in is going to change significantly. This means that new
solutions and new ways of organising one’s finances and tax affairs will come to the fore.
The potential is there for tech to produce more simplified options for individuals, but the reality on current trends seems weirdly to be pointing in the opposite direction.
It will get more complex to work out how best to navigate the new world order of higher taxes and lower growth, all raging against a group of major economies drowning under a demographic timebomb.
Whereas in 2012, things were quite simple from a financial and tax planning point of view, in 2022 they are more complex. By 2032, they will be at another level of complexity.
We are here to help, as never before has it been more important to plan ahead and to take your tax planning seriously, because you won’t change the world in general, but you can change your own position within this.