Last week saw the eagerly awaited action by central banks around the Western world, with interest rates being raised once more.
There were many forecasts during the advent of the interest rate rises which largely focused on the United States Federal Reserve Bank's anticipated rate rise, however the European Central Bank and the Bank of England both conducted interest rate increases at the same time.
The greatest effect was seen in the United Kingdom, which is reported to have the lowest investable province economy in Europe. It sits alongside Greece.
The British Pound fell to 1.21, its lowest level against the US Dollar for over a month.
This has ended the steady rise of the British Pound over the last few weeks. After many months of declining value during the summer 2022, it finally emerged from oblivion in November.
The United Kingdom’s interest rates were increased to 4%. This is not too far from the 5% prediction made by many investment banking institutions in summer 2022. Their analysts had predicted that interest in the UK would rise up to approximately 5% by January 2023.