Half-way through the year and it is turning out to be every inch as bad as we thought. In the UK, th...
Half-way through the year and it is turning out to be every inch as bad as we thought. In the UK, the housing market is collapsing and inflation is at its highest level for years. The BoE is stuck between a rock and a hard place - unable to reduce the Bank rate because of the fear of being seen to accommodate higher inflationary expectations and unable to hike rates for fear of sending the economy into recession. The best guess for interest rates is that they remain at 5% until it is clear that headline inflation has peaked, probably in September or October. The growth cycle should then...
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