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Birmingham Post
Birmingham Post
Business
Henry Saker-Clark, PA Deputy Business Editor & Alistair Houghton

Interest rates up to 3% as Bank of England bids to tackle cost of living crisis and warns of long recession

Bank of England Recession Interest Rates

The Bank of England has imposed the biggest interest rate rise for decades as it bids to ease the cost of living crisis and tackle soaring inflation.

And the Bank has also warned the UK could be on course for its longest recession since reliable records began a century ago.

The Bank's Monetary Policy Committee voted by 7 to 2 to lift the Bank’s base interest rate from 2.25% to 3% - the highest level since 2008. It's the biggest single increase since 1989.

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