Money (Dominic Lipinski/PA)
(Picture: PA Archive)Brace yourselves, the Bank of England says we may already be in recession.
It comes following the announcement of a hike in interest rates - for the 7th consecutive time - to 2.25%.
It’s up by half a percentage point and takes borrowing costs to their highest levels since 2008.
Interest rates have been rising since last December as inflation increased to its worst level in four decades.
But, what exactly does this all mean for us? The Evening Standard’s Business Editor, Jonathan Prynn, explains...
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