General update
Starting on a positive note the FTSE 100 closed at record high. Speculation is that this was lifted by investors betting that a weak pound will help UK firms abroad and that the worst of the cost-of-living crisis has passed. I am not sure whether this is related to the FCA story around banning misleading financial promotions to immature investors. AJ Bell is quoted. If you have seen their adverts on TV then you will get what I mean.
The Bank of England (BoE) has increased the interest rate to 4%. In total, since December 2021, they have increased the interest rate from 0.1% to 4%. This is expected to peak at 4.5% later in 2023. At its meeting ending on 1 February 2023, the MPC voted by a majority of 7–2 to increase Bank Rate by 0.5% to 4%. Two members preferred to maintain Bank Rate at 3.5%. UK Finance has commented and made specific reference to homeowners. With 1.8m fixed mortgages set to mature this year, many borrowers will be facing a hike in repayments when ...
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