Eye of the storm?

After the rollercoaster of the past few days things seemed a fraction more quiet until the Bank of England stepped into the market. Weather wise it looks as if Friday will be a washout.

I can recall the “cap in hand to the IMF” moment in the mid-70s when the then Chancellor, Denis Healey (a keen photographer by the way) had to postpone a planned overseas trip.

I more acutely recall Black Wednesday when the UK came out of the Exchange Rate Mechanism because interest rates had to rise to 15% and it was recognised that such a level was unsustainable. As recently new house owners with a (then) significant mortgage we.knew we could not afford to stay on at that level. Fortunately the high rates fell back and we survived. Troubling times though.

Proportionally the current projected rise in interest/ mortgage rates must seem as bad to those on mortgages, alongside the energy and inflation increases.

We can only hope that events stabilise a bit but there will still be dark clouds all around. A bit like the weather when I took this photo.