plus rising prices falling ratings. can president biden win the argument on the us economy with just days to go until the midterm elections? and a pressing crisis. the cost of olive oil set to soar with harvests shrivelled by europe s summer heatwave. hello. we start here in the uk which is now facing the longest recession since records began, a century ago. that was the bleak warning from the bank of england on thursday, as it raised interest rates to 3% to try to dampen down soaring inflation. the bank says the uk economy is already in recession, and could keep declining until the middle of 202a. the pound slumped on the news to its lowest in more than two weeks. here s our economics editor faisal islam. the end of a decade and a half of ultralow interest rates was always going to be difficult, but dealing in mortgages has in recent weeks felt more like the stock market than the housing market. , , stock market than the housing market. , , . ., , market
here s our economics editor faisal islam. the end of a decade and a half of ultralow interest rates was always going to be difficult, but dealing in mortgages has in recent weeks felt more like the stock market than the housing market. , , stock market than the housing market. , , . ., , market. it s been crazy. it feels like we ve market. it s been crazy. it feels like we ve been - market. it s been crazy. it feels like we ve been on l market. it s been crazy. it feels like we ve been on ai feels like we ve been on a roller coaster and we are not fit yet. that is coming round for its second loop.- for its second loop. and inevitably, for its second loop. and inevitably, that - for its second loop. and inevitably, that is - for its second loop. and | inevitably, that is hitting for its second loop. and inevitably, that is hitting the housing market. inevitably, that is hitting the housing market. there has been a dro off housing market. there has been a dmp off in housing m