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interest rates have gone up by three quarters of a percentage point, the biggest increase for more than 30 years. it pushes the base rate up to 3%, as the bank of england tries to control inflation. it s the eighth rise in a row, meaning higher mortgage bills for many homeowners. meanwhile the bank has also warned the uk could be on course for its longest recession since reliable records began, over a century ago. our economics correspondent, andy verity, reports. it is the biggest interest rate rise in a third of a century. the cost of living has been rising at its fastest rate for a0 years for global reasons but the bank of england is trying to prevent runaway inflation from becoming embedded in the domestic economy. these are big changes, they have a real impact on people s lives, so why are we doing it? and why are we doing it now when so many people are already struggling with higher energy and food prices and other bills? quite simply we are increasing the bank ra ....
Been left standing. Residents are searching through the rubble in hope of finding survivors or belongings as they wait for help. The red cross has warned time is running out to prevent what it calls a disaster within a disaster if water and food aid dont reach survivors soon. At least 300,000 people have been impacted by the quake thats according to un estimates. Disaster experts from the us Arrived In Morocco On Sunday to help assess the damage and response. The moroccan government says it has accepted aid from four other countries the uk, spain, qatar and the uae. Meanwhile on the ground, aid groups are working to help survivors. The red cross and Red Crescent Federation says, quote, the Search And Rescue effort is the focus at this point and trying to get heavy machinery into those remote ar ....
essentially moving sideways, but on my forecast, i think it will tip into the economy contracting over the next couple of quarters as the drug wins out. the next couple of quarters as the drug wins out- the next couple of quarters as the drug wins out. that means you are ”redictin drug wins out. that means you are predicting an drug wins out. that means you are predicting an official drug wins out. that means you are predicting an official recession. - predicting an official recession. that is right. we are predicting a mild recession by historical standards. i wouldn t get too worried about whether it is a recession, the big picture is we ve got an economy which is weak and essentially on its knees, before the full impact of higher interest rates has been felt. so i think that is the main message, whether there is a technical recession, which is defined as two quarters of consecutive contractions in gdp, or whether we bounce around with the economy moving sideway ....
Completing sweden s accession to nato is an historic step that benefits the security of all nato allies at this critical time. all nato allies at this criticaltime. it all nato allies at this critical time. it makes us all stronger and safer. each and every member country effectively has a veto against anyone else joining. turkey had some reservations that it made public and, at the beginning of the day, the two sides seemed a long way apart. president erdogan, starting to talk about things like opening a doorfor turkey to eu membership before sweden then is allowed to open the door into a nato membership. eu and nato, of course, completely separate organisations. that was the start of the day but, at end of the day, jens stoltenberg making that announcement and there has been some significant reaction from several politicians who are here. joe biden, welcoming it. the german foreign minister saying it s good news from vilnius. and, of course, the swedish government saying it s a goo ....
Missile defence, reinforcing our cyber defences, and holding more and larger exercises. i expect we will task nato s military commanders to our options in our madrid summit in june. major reinforcements of defence will require major increases. i welcome that germany and other allies have already announced they are stepping up, and i encourage all allies to spend a minimum of 2% of gdp on defence. we must do more, so we must also invest more. to protect peace and freedom and uphold our values at this critical time. with that, i m ready to take your questions. criticaltime. with that, i m ready to take your questions. criticaltime. with that, i m ready to take your questions. let s start with cnn. thank to take your questions. let s start with cnn. thank you. to take your questions. let s start with cnn. thank you. i m - to take your questions. let s start i with cnn. thank you. i m wondering whether you with cnn. thank you. i m wondering whether you can ....