Happy New Year!
Before we look ahead to this new year, let’s look back at what we all went through in 2023. It was really quite a lot!
January
- China opens borders, ending zero-COVID policy.
- Almost three million people were infected with COVID-19 over the Christmas period
- Microsoft invests $10B into OpenAI, extending their partnership.
- UK Inflation starts the year at 10.5%
February
- Chinese “Spy Balloon” drifts over the Americas.
- The original 4 day Russian invasion of Ukraine has now lasted 365 days.
- Russia suspends participation in nuclear arma reduction treaty.
- The Bank of England raise interest rates from 3.5% to 4%.
- US interest rates rise to 4.75%
- A milder winter across Europe ensures gas reserves do not run out as feared.
- An estimated 475,000 workers go on strike, the single biggest day of industrial action for more than a decade,
March
- Silicon Valley Bank and other regional US banks collapse causing banking turmoil.
- The Bank of England announces that the UK arm of Silicon Valley Bank is to enter insolvency, following the demise of its US parent, the largest banking collapse since the 2007/8 financial crisis. Many UK tech startups are prevented from accessing cash to pay staff
- UBS buys collapsing Credit Suisse for $3.2B
- BOE base rate rises to 4.25%
- US interest rates reach 5%