“CBI forecasts no Bank of England rate cuts until at least 2026”

Here’s a cheery, pre-Christmas message. While many or most have predicted that interest rates might have peaked and could start to come down early next year, the CBI (Confederation of British Industry, what used, in union days, to be called the employers’ organisation) say that we have another two years of 5%+. This seems to go against many of the usual signposts, such as longer-term fixed rate mortgages and bank accounts, which indicate the feeling of those that need to make money from such things of the direction of travel. The more positive spin, I guess, is that those who make and produce things are not yet feeling negative enough to predict a recession, if the amount they have to pay on their borrowings stays high. Does it all matter? Alas, yes, in so many ways.

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