Bank of England says UK in recession as it raises interest rates to 14-year high of 2.25% – business live

The Bank of England in the City of London,. Photograph: Alastair Grant/AP

4.47pm BST

Closing post

That’s all for today.

Here are our main stories, starting with the Bank of England’s latest interest rate rise, and warning that the UK’s economy has probably shrunk over the last six months:

Britain’s industrial unrest:

And in other news..

Andrew Sparrow’s Politics Live blog has all the build-up to tomorrow’s mini-budget:

4.46pm BST

What the Bank’s interest rate hike means for you

The half-point increase in UK interest rates will push up the cost of variable-rate mortgages, credit cards and loans.

And while it will lift savings rates, it won’t make up for the impact of inflation.

My colleague Rupert Jones has all the details: