From 5 to 5. 25 . And for the first time, its suggested that rates will stay higher for longer in an attempt to drive down stubborn inflation the rising cost of goods and services by reducing the amount of money we have to spend. Although todays increase means Borrowing Costs are at their highest level since 2008, it follows an era of unprecedented low rates. In previous decades, rates were much higher we can see here that in the 1980s rates got up to 18 before gradually falling. The bank today cut its forecast for economic growth, though it said the uk will avoid a recession. In a moment, well hearfrom savers, as well as families trying to cope with increasing costs, but first, heres our Chief Economics correspondent dharshini david. From cafe says customers may resist rate as higher mortgage and rent payments bite, to Estate Agents grappling with a sagging housing market, the hit from Interest Rates is clear. But for a very small minority, that impact is Life Changing. Minority, that
temperature north to south this morning. in the south we have rain but as it bumps into cold air especially in north wales and northern england it will turn to snow, disruptive on higher routes. in sport, england captain harry kane is on a mission to get young people thinking about, and prioritising their mental health. and prince william has a famous wingman as he returns to public engagements following the king s cancer diagnosis and his wife s surgery. it s thursday, 8th of february. labour is abandoning its promise to spend £28 billion a year on environmental projects if it wins the next election. prime minister rishi sunak is facing calls to apologise for comments he made about the labour leader s position on transgender people. he was speaking during prime minister s questions, when the mother of murdered transgender teenager brianna ghey was visiting the house of commons. let s get the latest from chief political correspondent henry zeffman. two party leaders under pr
glad you could join us. leaders of the g7 group have advanced economies are gathering injapan in the city of hiroshima. concerned about global security are high on the agenda. japan s prime minister fumio kishida has one of the world is at a crossroads because of russia s attack on ukraine has warned the world is at a crossroads. they also need to tackle the increasing instability of the inca, indo pacific region. there are rising over nuclear capabilities and threat of action by china via taiwan. our correspondent shaimaa khalil is in hiroshima with this update. he then hiroshima one of the first things g7 leaders and their partners are going to do is be invited by the prime minister he may consider and his wife to the memorial, peace memorial cart where the atomic bomb dome sounds. it isa it is a reminder of the devastation nuclear letters are capable of doing and this is a city that is lippy that devastation no one wants to see it happening again. earlier prime minister
currently in the lead. hello there and welcome along to the programme celtic are champions of scotland retaining their title with a 2 0 win at hearts this afternoon. it puts ange postacoglou s men on track for a treble having already won the league cup. chris mclauglin was watching. they had come from a party knowing it was a case when and not if. they had not lived up to expectation, today was to be no different. the ar helped, they denied an obvious goal scoring opportunity, after a look at the monitor, hearts, after a feisty first up, down to ten. they were almost down on a manager too, thank thankfully he saw the funny side. the man who broke the deadlock, who else? the 30th goal of the season and are fitting that he should be the man to get the party started. the title was confirmed ten minutes before the end, oh what a season for celtic and an 11 title in 12 years, the league cup secured and the scottish cup final to come. celtic s unwavering dominance of scotti