Finance expert reveals if your money will be affected by HSBC buying Silicon Valley Bank for £1

A finance expert has explained how HSBC’s purchase of Silicon Valley Bank UK for just £1 could affect your money.

Senior finance lecturer Louise Cooper had “good news” for people looking to remortgage and told GMB that markets - both in the UK and US - may not raise interest rates as much as expected.

“Two banks going bust, the implication is that interest rates have been raised “too quickly” and there could be damage done to the underlying economy,” Ms Cooper said.

“What markets are saying - both the Federal Reserve in the States and central banks all over the world - may not raise rates as high as previously anticipated. Actually, the interest rate increase will be much lower than previously expected.”

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