The Latest Breaking News from Interest Rates

When it rains, it pours. Estate agent Savills predicts that the mainstream London housing market will suffer the most acute fall in prices out of all regions in 2023. That’s despite properties in the city enjoying the more modest end of price growth since the pandemic.

Chancellor Jeremy Hunt confirms more pain to come in autumn statement

Biggest interest rate hike in decades hits homeowners as Bank of England warns of longest recession on record

It is likely to impact millions of homeowners across the UK

Central bank also warns that the UK could be on course for its longest recession since reliable records began a century ago

Thursday's increase is the biggest single rise in 33 years and it could have major implications for mortgage holders

Rise from 2.25% to 3% had been widely expected and is biggest since 1980s

The Bank warned the UK could be on course for the longest recession since reliable records began in the 1920s.

The Bank of England has today hiked interest rates to 3% - but will interest rates keep rising? Market analysts suggest they will - but predictions have been scaled back in recent days