Investors are expecting the bank of england to respond fairly aggressively. The increase in borrowing costs for households is going to be enormous, if current rate projections hold up. And then there's also the effect on the borrowing costs of the government. I think what we're likely to see is lots of fragility and lots of volatility uncertainty with respect to the poundand also interest rates. That means the we're just very vulnerable to tipping into a a bad equilibrium and some kind of nasty spiral that we really don't want to be in.

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