In 2024, the UK economy is expected to fare differently than other countries due to unique factors such as stubborn inflation and a post-pandemic shortage of workers. While inflation in France is similar to the EU's 3.1% rate, it is lower in the US. Core inflation in the UK has been more persistent, suggesting consumers are willing and able to spend more.
However, pay rises and pandemic-era savings are easing. Central bank rates and new mortgage deals have increased globally, but the impact varies. In the US and some European countries, fixed-rate mortgage deals can be switched with minimal penalty, while in France, the government caps rates, resulting in lower costs for new 30-year mortgage deals.
However, pay rises and pandemic-era savings are easing. Central bank rates and new mortgage deals have increased globally, but the impact varies. In the US and some European countries, fixed-rate mortgage deals can be switched with minimal penalty, while in France, the government caps rates, resulting in lower costs for new 30-year mortgage deals.
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