Ten Things You Need to Know Today: 20 April 2023

The Week’s daily digest of the news agenda, published at 8am

1. Interest rates ‘could reach 5%’

Homeowners are facing a further cost of living squeeze amid forecasts that interest rates could potentially reach 5% this year. Revising forecasts that interest rates had peaked, markets are now predicting further rises, after inflation was announced to have reached 10.1% yesterday. Paul Johnson, director of the Institute of Fiscal Studies told the i news site: “My guess is the financial markets are overreacting to the core inflation figures, but an increase to 5% is not impossible.” Helen Dickinson, the chief executive of the British Retail Consortium, said “wider inflation will continue to ease”.

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