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The Economy in 2023: Where Do We Go From Here?
Intelligence Squared
The Bank of England Rate Increases - What Impact Do They Have on UK Markets?
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The Bank of England increased the base rate of interest rates to 3.5% from 3%. The cost of borrowing is now at the highest level since 2008, just before that punch bowl of cheap money was removed for all those years. For financial markets, the latest rate hike didn't really have a major effect on markets because it was largely priced in and already expected. It's had a huge impact on interest rates sensitive businesses, such as the house builders, which are obviously affected by mortgage rates. And also, we've seen this big sell-off in the technology sector, which some of its growth has been predicated on debt. Some banks, for example, have fared very well thanks
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