BBCNEWS The Context with Christian Fraser July 7, 2024
welcome to the programme. the bank of england has warned the uk is facing its longest recession since records began, as it raised interest rates, by the biggest rise in 30 years. the —0.75 percentage point rise — the eighth consecutive hike — takes uk rates to from 2.25 per cent to 3 percent, meaning higher mortgage bills for many homeowners. the bank of england's move matches the us central bank's rate hike on wednesday, taking us rates to 3.75 to 4.0%. here's the bank of england governor. these are big changes. they have a real impact on people's lives. so, why are we doing i...