Interest rates today jumped 0.75% to 3% as the Bank of England steps up its fight against inflation.
The largest rise since 1989 took the Bank’s base rate at its highest level since 2008, heaping more pain on mortgage holders.
It came as the Bank also predicted a “prolonged” recession for the UK, which it said could be the longest economic contraction since records began.
Last night, the US Federal Reserve hiked by 0.75% for the fourth meeting in a row to leave its target range at 3.75%-4%.
