The Latest Breaking News from Bank of England

LONDON: The Bank of England raised interest rates to 3% on Thursday from 2.25%, its biggest rate rise since 1989, but it pushed back against expectations for further steep hikes, saying Britain faces a painful recession that could last two years.

From loans to mortgages, house prices to credit cards – all you need to know about the biggest rate rise since 1989

The TUC has called for a new economic plan.

Since December last year, the average monthly tracker mortgage payment has increased by around £3,410 per year, according to UK Finance figures.

The Bank of England issued a gloomy warning about the future of the British economy as it hiked interest rates to 3%, the biggest single rate rise in three decades

Central bank felt the need to massage down interest rate expectations amid fears over impact on UK economy

Sterling drops 1.4% against US dollar after decision-makers warn of longest recession on record

Recession could last well into 2024, says central bank as interest rates hiked

Homeowners are set to face the biggest single shock on their mortgage bills since the 1980s as the Bank of England hiked interest rates for the eighth time in a row. The Bank’s base rate will rise to 3% from 2.25%, its highest for 14 years