The Latest Breaking News from Andrew Bailey

Interest rates have gone up to 3% which means people, especially mortgage holders, will face higher borrowing costs.

He announced the UK’s biggest interest rate rise in three decades today to curb soaring inflation

Property price chat, Tube delays, torrential rain – this morning doled out a full house of London bingo. And then the Bank of England said ‘hold my £8.50 beer’.

Andrew Bailey today said interest rates "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"

The Bank of England is expected to announce its biggest interest rate increase in three decades as it seeks to beat back stubbornly high inflation fueled by Russia’s invasion of Ukraine and the disastrous economic policies of former Prime Minister Liz Truss

Analysts believe a 0.75 percentage point rise is likely, potentially the biggest hike in the base rate since 1989

Food inflation soared to a record 11.6 per cent in October

Central bank in bid to reduce its emergency stimulus to the economy and fend off claims it has lost its independence

City Comment: The Bank is politically independent, but not independent of politics

Prime minister abandons fracking and refuses to guarantee pensions triple lock or defence spending rise

The new Prime Minister also reimposed the fracking ban controversially scrapped by his predecessor.