The Bank of England hiked interest rates for the eighth time in a row on Thursday (November 3) to 3% from 2.25%.
It's the highest rate for 14 years, and decision makers warned that more hikes are likely. The move will help pile around £3,000 per year on to mortgage bills for those households that are set to renew their mortgages, the Bank said.
The Bank also warned that the UK could be on course for the longest recession since reliable records began in the 1920s. Gross domestic product (GDP) could shrink for every quarter for two years, with growth only coming back in the middle of 2024.
