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Borrowing costs in the UK have surged significantly, impacting the likelihood of interest rate cuts by the Bank of England, particularly ahead of Chancellor Rachel Reeves' Spring Statement. This increase in costs is attributed to geopolitical tensions following military actions involving the US and Israel, as well as the closure of the Strait of Hormuz, a crucial oil shipping route. As a result, millions of households may face increased financial strain.
Credit: Gbnews
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