Today's briefing
"Hello, it's Jeff. Let's not talk too much and start right on."
August 2, 2023
Renters in the UK face increasing vulnerability to rising interest rates as landlords pass on costs. The housing crisis exacerbates the situation, making rental properties even more unaffordable. Meanwhile, the UK housing market experiences a sharp decline in prices, with values dropping by 3.8% annually. In Ireland, people complain about exorbitant prices for food and drinks, and over 2 million UK households struggle to make essential payments. Fitch's downgrade of the US credit rating causes a market rout, with European shares reaching two-week lows.