Market gains 4pc and 1.9pc in the last 12 months. That was also at a time when the pound was falling, and banks were worried about the value of their home equity loans to customers.
There have been signs of more of that to come, with the pound rising from 50¢ to the dollar in recent days following the EU referendum vote.
The pound took a big hit, but it is worth noting that Britain is still facing an oversupply of credit and investment in the country after having voted to leave the EU on 23 June.
If Mr Hammond has his way there will be further interest rates hikes in coming years to prop up the pound and the Bank of England will be making other measures to help boost the economy.
He said: “The Bank is also planning to raise interest rates once more at the next round of rates talks in early September.
“This would not come without the support of the UK Government. We believe our Government’s 청주출장마사지policy is an effective one and will allow the Bank to continue its positive economic and economic outcomes through the remainder of its mandate.
“The Bank remains hopeful that rates will be raised again in the future. We remain committed to a strong pound and a strong economy so that we can continue to benefit from the U아산출장안마K Government’s continuing help in raising the currency.”
But there may be a point in the run-up to Brexit when borrowing costs will rise faster than infl광주안마ation.
The UK’s share price has risen by 6pc in the past week, with the stock index rising in both January and March.
The pound is also trading at more than $1.24, its highest level since August 2004, which is more than twice the rate of growth seen over the same period last year.