Today’s announcement details how the BoE raised rates again by 0.5 percentage points, to a huge 2.25% – the highest level of borrowing since 2008.
The bleak outlook could see homeowners hit hard by the Bank of England’s new base rate of interest to levels last seen in the financial crisis – and confirming that the UK is already in recession.
But in more positive news, the Government on Wednesday made three new announcements, with the first seeing more than one million families offered a £100 boost to help with crippling heating costs amid the cost of living crisis and £150 aimed at helping disabled Brits overcome soaring prices.
In another welcome move to support Britain’s families, thousands of paying for their energy through commercial contracts will receive a £400 energy bill discount from October – including those that rent.
Read our live blog below for the latest updates….