From London, the Bank of England has raised UK interest rates to what is their highest level for 14 years as it fights the cost of living crisis that has gripped the nation in recent months. It has lifted interest rates for the tenth time running, to 4%.
The rise will be bad news for those with loans and mortgages, however, savers may benefit in time from the rise in the interest rate.
According to the bank, the recession that the UK is set to expected to enter later this year will be far shorter than previously thought. The bank expects the economy to fall slightly in 2023, as energy costs continue to increase.