Britain faces 'longest recession in history' as Bank of England hikes interest rate 0.75% to 3%

The 0.75% rise is the single biggest increase since 1989 and could see mortgage holders get hit by £3,000 a year.

The Bank of England's governor Andrew Bailey said there is a "tough road ahead" but the Bank needed to act to tackle inflation. However, he added that "we think Bank rate will have to go up by less than is currently priced in by financial markets" meaning "fixed rate mortgages should not need to rise as much as they have done".

"Today's recession warning lays bare how 12 years of Tory government has weakened the foundations of our economy, and left us exposed to shocks, lurching from crisis to crisis with falling living standards and low growth. "Today's interest hike will increase the risk of a bleak recession this winter, and it will hammer businesses and people paying a mortgage.The Bank has hiked interest rates to 3%.Tax expert David Hannah, chairman of Cornerstone Tax, said: "We are seeing a new level of unaffordable house prices in the UK property market, and the property market is now becoming increasingly difficult to enter for first-time buyers.

There are three ways to reduce the amount of money & restore its value, inflation, interest rates or Income Tax. I don’t have debt so am only paying inflation. Interest rates target people with no money in debt whilst I by having an income pay nothing. That is total madness.

Now that Camelot's history, it's a no-brainer that far less dosh will end up where it's really needed, nobody can trust the Westminster goons on doing anything that's actually their job in the first place - Fancy!

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