Global Financial Crisis Looms as Banks Struggle
Banks are struggling as two regional US banks have gone bankrupt, central banks have provided emergency lending, and Credit Suisse has been absorbed into UBS. Inflation is high in the UK, mainland Europe and the US. The Federal Reserve has raised interest rates, causing banks to fall over in the US. The Bank of England's judgement is about to be tested. The collapse of Silicon Valley Bank (SVB) has led to fears that other poorly regulated banks may be feeling the effects of steadily rising US interest rates.