with another installment. and coming up on bbc news. 80,000 fans are expected for the women s ashes over the course of the multi format series. it all starts at trent bridge today for the five day test. good afternoon and welcome to the bbc s news at one. in the last hour, the bank of england has put up interest rates by half a percentage point more than had been expected to 5% the highest for 15 years. the shock move means more difficulties for about 1.4 million people with a tracker or variable rate mortgage, whose monthly payments will rise again. interest rates have risen for 13 consecutive months now, in an attempt to curb inflation. the bank of england believes making money more expensive to borrow will deter people from spending, so in turn help reduce the rate at which goods go up in price. 0urfirst report is from our economics correspondent, andy verity. iam i am currently paying £560 a month. at the end ofjuly it will go on to variable and it will go up to £
forward? some economists call this a blunt instrument, why is that the only thing the bank seems to be willing to do right now to bring down inflation? it is willing to do right now to bring down inflation? down inflation? it is a blunt instrument, down inflation? it is a blunt instrument, no down inflation? it is a blunt instrument, no doubt - down inflation? it is a bluntj instrument, no doubt about down inflation? it is a blunt - instrument, no doubt about that, and thatis instrument, no doubt about that, and that is why we all worry about falling behind on inflation, because once you fall behind on inflation and you use a blunt instrument, then there are significant collateral damage and unintended consequences, and we had about them from your other guests. firstly it is to enhance the responsiveness of the economy, to make sure we do not fall into recession in order to control inflation, and secondly it is to strengthen safety nets. the bank of england alone cannot
here in boston, the coastguard coordinating the search says that while they are clearly concerned about the pressure of time, hope still remains. hundreds of chronically sick people who d come to the uk as part of the windrush generation were sent back to the caribbean, according to doucments seen by the bbc. and the women s ashes gets under way at trent bridge tomorrow. it s been nine years since the last england win. and newsnight at on 10.30 we ll go deeper behind the headlines and speak live to key players on today s big stories. plus, a first look at tomorrow s front pages. good evening. borrowers have been warned to expect another rise in interest rates when the bank of england announces it latest position tomorrow. the bank is faced with a failure to reduce the rate of inflation, adding to the financial pressure on households, with mortgage repayments surging for many people. annual inflation, which measures the rate at which prices are rising, remained at 8.7% in may.
starting with the most important issue to voters: the economy. and we learned today inflation was up last month more than expected. the new data out today shows one of the biggest reasons is housing costs, so we are going to look at what that means ahead for your wallet. plus, the immigration crisis remains at the top of mind for voters as they make their voices heard in the 2024 election cycle. tonight, we have an in-depth look at the strain in the classroom as tens of thousands of migrants cross the border and their children enter public schools. and then the other big headline today, former president donald trump was not on the campaign trail, but inside a courtroom. tonight, his outburst at the prosecutor and the judge and what the outcome of that $370 million civil fraud trial could mean for his real estate empire. so let s begin with the economy. inflation jumped unexpectedly today, ticking up slightly to an annual rate of 3.4%. cbs s jo ling kent will start us off toni