Interest rates raised to 4% in effort to combat cost of living

It's the tenth successive increase taking rates to their highest level in 14 years

There is further pressure on mortgage holders after interest rates were increased for the tenth time in a row.

The Bank of England increased the base rate to 4% to try to drive down rising costs.

The Bank warned the UK is still heading for a recession, but it should be shorter than previously expected.

That means fewer people should lose their jobs.

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