Some fund managers believe that higher interest rates could be a bombshell for households, potentially slamming them with higher energy costs and taxes at the same time.  

Looking at the impact on investors, some express the view that a small rise would not present much concern, given that it is a question of the pace at which interest rates rise, rather than the size of the increase. 

So, where are the opportunities at the moment, in an environment where expectations around global growth are being revised downwards and those about inflation are being revised upwards?  

Fund-manager opinions are mixed, with a range of views, including that equities are the “only game in town”, although some point to emerging-market bonds and others have a preference for government bonds - particularly the US version. 

This report will look at some of these issues and is worth an indicative 30 minutes' CPD.