4.5%. risen by a quarter of a percent, that is from our economics editor, faisal islam, who has tweeted that. just getting that information in that, as expected, interest rates in the uk are now at 4.5%, up from 4.25%, a quarter rate rise. 0ur cost of living correspondent is watching these developments for us, kevin, news that will impact on so many people s lives for their mortgages and make life just that bit more difficult as they have seen those rate rises so many times, for the 13th time in a row? it many times, for the 13th time in a row? , ., . many times, for the 13th time in a row? ,., ,, many times, for the 13th time in a row? , ,,, row? it is not a surprise, but clearly the row? it is not a surprise, but clearly the impact row? it is not a surprise, but clearly the impact is - row? it is not a surprise, but clearly the impact is still - row? it is not a surprise, but| clearly the impact is still very real. it will make borrowing more expensive for many, many pe
welcome. let me start with the situation welcome. let me start with the situation as we see it on the outlook situation as we see it on the outlook for the economy. the outlook for growth outlook for the economy. the outlook for growth and unemployment has improved~ for growth and unemployment has improved. six months ago we expected a shallow improved. six months ago we expected a shallow but long recession. since then energy prices have fallen substantially and economic activity is holding substantially and economic activity is holding up better than expected. so today is holding up better than expected. so today we forecast modest but not positive so today we forecast modest but not positive growth and a much smaller increase positive growth and a much smaller increase in positive growth and a much smaller increase in unemployment. we think inflation increase in unemployment. we think inflation will fall quite sharply over inflation will fall quite shar
savings, and the bigger picture, part of the reason the bank feels it is able to raise rates, because people are staying in theirjobs. as a result, they do have some money to spendin a result, they do have some money to spend in some cases stop very difficult for a lot of people, but they are trying to target that nonessential spending, trying to dampen some of that demand on nonessential spending, and as a result, bring down, ultimately, the rate of inflation, which is at this incredible double digit digit high. the governor of the bank of england will explain the decision and the reasons behind it and what may come welcome to the monetary report press conference and we are joined by the deputy governor for a monetary policy and the deputy governor for market strategy and resolution and the governor, andrew bailey.
able to raise rates, because is able to raise rates, because people are staying in theirjobs. as a result, they do have some money to spendin a result, they do have some money to spend in some cases stop very difficult for a lot of people, but they are trying to target that nonessential spending, trying to dampen some of that demand on nonessential spending, and as a result, bring down, ultimately, the rate of inflation, which is at this incredible double digit digit high. the governor of the bank of england will explain the decision and the reasons behind it and what may come welcome to the monetary report press conference and we are joined by the deputy governor for a monetary policy and the deputy governor for market strategy and resolution and the governor, andrew bailey.