Corporate Britain is bleeding. Over the past few days alone three of Britain’s biggest household names have shown just how deeply higher interest rates are biting into profits while the number of firms issuing profit warnings is on the rise.
Until now the spotlight has been on the huge leap in mortgage costs for homeowners triggered by the highest interest rates in 15 years. But now we are seeing first hand how more expensive borrowing is working its way down to the weeds of the economy, affecting not only the demand for new homes but also building materials and retailers selling even the cheapest of cleaning products.
