users and businesses. the governor of the bank of england warned that the uk economy may already be in recession. rates have risen by 0.5% today the seventh hike in a row as the bank tries to curb inflation. interest rates now stand at 2.25%. our economics editor faisal islam has the details. for about a decade and a half, british homeowners, workers and business owners have become used to extremely low interest rates. this is now at an end. in nantwich in cheshire, the ice cream farm has benefited from investing millions at low interest rates. it s always encouraged investment, because it s always been at a low through this period of investment that we ve had. this food tourism business is now having to adjust at a time when consumers have little spare cash, and costs are rocketing. wherever the base rate goes, obviously our business goes. and it can be hugely drastic to it.
the governor of the bank of england warned that the uk economy may already be in recession. it follows the announcement yesterday by the us federal reserve that rates there were rising by 0.75%. our economics editor faisal islam has the details. so the bank of england today have once again put up rates, another half a percentage point to 2.25%. it s back up to levels not seen since 2008, affecting the price of loans across the economy. it is now a decisive break with an era of extremely low rates that had lasted since the financial crisis and was prolonged by the pandemic. the bank wants to put a lid on rising prices by slowing the economy with these rate rises, but inflation is still set to remain above 10% for some months and rates nearly went up by even more today.
years. keeping extra costs on mortgage holders, credit card users and businesses. the governor of the bank of england warned that the uk economy may already be in recession. while rates have risen by 0.5% today, the seventh hike in a row as the bank tries to curb inflation. they now stand at, our economic saboteur has more detail. for nearly a decade and a half, british interest rates have been extremely low. for the homeowners, high street businesses and corporations that had become used to very low base interest rates, this is now at an end. in nantwich in cheshire, the ice cream farm has benefited from investing millions at low interest rates. it s always encouraged investment, because it s always been at a low through this period of investment that we ve had. this food tourism business is now having to adjust at a time when consumers have little spare