The Bank of England forecast, contained in the central bank's half-yearly financial stability report, comes ahead of the first round of a snap French election Sunday and a US presidential vote in November.
"It could also increase existing sovereign debt pressures, geopolitical risks, and risks associated with global fragmentation, all of which are relevant to UK financial stability," the Bank of England added. That forced commercial retail lenders to hike the cost of home loans, weighing on consumer spending and worsening a cost-of-living crisis.
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