John Walsh: Our withdrawal from cheap money is going to hurt

With a gross national debt of €239 billion to pay, rising interest rates are going to hit Ireland hard. Private equity funds and tech firms will also face a number of challenges

The margins on the majority of developments are tight as input costs continue to rise. An increase in funding costs could threaten a number of projects and choke supply. Picture: AFP/Getty

The era of cheap money is coming to an end, and it is going to have significant implications for the wider economy. The European Central Bank (ECB) hiked interest rates by a record 75 basis points at its most recent meeting as it ramped up efforts to combat spiralling inflation across the eurozone.

Where rates end up ultimately depends on the length and stickiness of inflation, but the consensus is that the risks are to ...