Economics

Ibec expects interest rates to double again

The central European rate has already increased at a record pace since July

The European Central Bank. Picture: Getty

Ibec has said there will likely be another major increase in European interest rates, which have already increased at the fastest rate in 20 years.

The employers group said the rise in rates will hit investment and push up mortgage costs.

Global interest rates had remained at near record lows until the start of 2022. However, central banks have begun reversing this in an effort to tackle soaring inflation.

Last week, the European Central Bank ...