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we start here in the uk, where the bank of england has raised interest rates to their highest level for m years. the increase will leave millions of households facing higher mortgage payments at a time when many people are already struggling with crippling energy and food bills. the bank has raised rates by half a percentage point, to 4%. the aim to make it more expensive to borrow and spend so businesses and households rein in, meaning less upward pressure on prices. uk inflation eased slightly in december but was still at 10.5%, close to the highest level in a0 years and more than five times the bank of england s target. the bank governor said inflation had turned the corner, but the battle against surging prices wasn t over yet. we have done a lot on rates already. the full effect of that is still to come through. but it is too soon to declare victory just yet. inflationary pressures are still there, and we can see that in the data and we hear it from our agents. and we ....
What they ve done today, and we in the government must make sure we support them by what i do in the budget, to make sure that we make it easier, not harder, for them to do what we all want to do, which is to halve inflation. his labour shadow rachel reeves says she respects the independence of the bank of england, but today s increase will put even more pressure on people with mortgages . a strong economy has got to be built on a rock of fiscal- and financial responsibility. that s why the conservatives got it so wrong last year, - when they tried to push through a load of unfunded tax cuts which had disastrous consequences. the international monetary fund | pointed this week to the impact| of mortgages in the uk contributing to the worst outlook in the uk - compared to countries around i the world, so we are still feeling the effects of thosel misjudged decisions by the conservative party just last year. rachel reeves. ....