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The Federal Reserve's interest rate rises have pushed up the dollar and clobbered the value of the British pound. That makes it harder to pay enough to attract and retain staff in the US, just as London law firms are trying to gain a bigger foothold there. The EU's top diplomat warned they could lead to a global recession.

Britain’s largest global law firms are struggling to attract and retain staff in the US after the sterling’s drop in value, and the European Commission’s vice-president warned the Federal Reserve’s interest rate rises could lead to a global recession. Plus, the FT’s Taylor Nicole Rogers reports that higher mortgage rates are weighing on the US property industry.

Mentioned in this podcast:

Sterling slump threatens US expansion plans of 'magic circle' law firms

Fed-led dash for higher rates risks ‘world recession’, warns EU’s top diplomat

US property sector braces for job cuts as rate rises crush home sales

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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