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Lending margins in the UK have not gone up, but the overnight rate has – and that is what has driven the increase in the cost of credit referenced by many survey respondents, according to Vivek Ramachandran, global head of global trade and receivables finance at HSBC.
“If we look out to the remainder of this year, I think the curves would tell you that reference rates will come down towards the tail end of 2024,” he says.
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