lower but to put that into context it was at zero in europe this time last year. and in the world s largest economy the us, the cost of borrowing is at 5% to 5.25%. but critics point out rising interest rates is a blunt tool that comes with its own set of dangers that can pose further risks to the economy. so what else can be done? well, central bankers are getting together today in portugal to chew over this challenge. joining me now isjennifer mckeown chief global economist at capital economics. good morning to you, jennifer. so it s a lovely location, portugal, you got christine lagarde there, andrew bailey, jerome powell among others, what do you think they will chew on? of course they re all increasing the cost of borrowering and in some places like the uk, so far it s having little effect. little effect. yeah, you re ri . ht. little effect. yeah, you re right. beautiful little effect. yeah, you re right. beautiful location, | little effect. yeah, you rel right. be
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city. does it depend on the ci ? it city. does it depend on the city? it must city. does it depend on the city? it must do, city. does it depend on the city? it must do, i- city. does it depend on the | city? it must do, i assume, city. does it depend on the i city? it must do, i assume, in terms of how bad this is? reports out recently about london talk about how the fear of post covid 19 death of the office and the implications of that have been over exaggerated. that people are returning and more and more people are returning as time goes by? in people are returning as time aoes b ? ., ., people are returning as time goes by? people are returning as time aoes b ? ., ., . , goes by? in the age of the city we discuss goes by? in the age of the city we discuss different goes by? in the age of the city we discuss different cities - goes by? in the age of the city we discuss different cities and | we discuss different cities and their different responses, some have done much mor
other countries fighting and being resilient, and being beautiful, and blossoming, i would love to find out how they do it. well, we reached out to singapore tourism board, about the night life scene in singapore and this was their response. to the uk now where the banking giant hsbc announced this week it is to move its world headquarters from its 45 storey canary wharf tower, to a smaller location, possibly back to the city of london. the move is part of plans to downsize its office space following the pandemic, as the bank says it is now committed to flexible working.
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