As we now look to be clearly entering a period of high(er) sustained #interestrates, the Q. must be what will be the consequences? 

The FT offers some possible answers:

Consumers (effective) demand will be constrained by servicing #mortgages & household #debt; 

#productivity may rise as under-performing firms are bankrupted (unable to service their loans); 

states may find fiscal manoeuvrability further constrained due to servicing #publicdebt; 

& the #greentranstion may be harder to fund.