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Major UK banks will achieve a robust" performance in 2024, ratings agengy Fitch has predicted this morning.

In a new research note, Fitch predict that the banks' strong earnings power, capital, and liquidity buffers will help them handle the aisks arising from the tough macroeconomic environment".

The effects of higher interest rates on the UK economy will be increasingly visible in 2024.

This will affect the UK banks' performance, but we expect that asset-quality deterioration, higher funding costs and competitive pressure on lending margins will affect the performance of the largest banks only slightly.

As I have become more confident that persistence is likely to evolve as embodied within our forecast, I have become less concerned that rates might need to be tightened further.

Instead my focus, and indeed the focus of many on the MPC, has shifted to thinking about how long rates need to remain at their current level.