Rates potentially going up faster than expected makes profits harder to earn, and shares relatively less attractive. And the good news spin is that higher rates are the result of growth, so these are problems of success. Which is all reassuring. But theres a bigger way of looking at this that this is a turning point. We had a crash ten years ago; we still havent got back to normal and this kind of disruption isjust a starter as to what to expect as we do. The banking crisis of ten years ago has spread across the west and was like an economic heart attack, leaving banks slow to lend so companies couldnt get credit to pay for new investment and too many households were stranded with big debts and couldnt afford to spend. Across the west, grows inevitably slowed. For the time being at least, the nice decade is behind us. The credit cycle has turned. Central banks had to step up to stop the economy is falling down even further, printing money and slashing Interest Rates to nearly zero. In
Stagecoach South West Trains (SSWT) has settled a long-running legal case worth £25 million with train passengers in one of the largest class action cases of its kind in the UK.
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