The Bank of England has warned that the UK could be facing the longest period of recession since reliable records began after interest rates were hiked to three per cent.
Today, rates increased for the eighth time in a row - to the highest they have been for 14 years. The Bank’s base rate is rising from 2.25 per cent by 0.75 per cent, with people being warned that more hikes in the future are likely.
It is the biggest single increase to the UK base rate since 1989 when the measure was still decided by the government.
