ANNUAL REPORT 2023

Economic Events & Outlook - 31st December 2023

At the start of 2023, the base assumption across markets was that rising interest rates would lead to a recession in developed economies, either in the latter half of 2023, or in early 2024. Instead, both equities and bonds enjoyed strong returns. In the US interest rates rose from 4.5% to 5.5% , in the UK from 3.5% to 5.25% , and in the EU from 2.5% to 4.5% . This is a significant pace of change across one year but, barring the banking wobble in March 2023, nothing ‘broke’ within the system and recession was avoided.

See the full Annual Report below:

Annual Report 2023.pdf

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