Bank of England raises interest rates to 3%

The Bank of England has raised interest rates by 0.75 percent to 3%, the highest increase in 30 years and said the UK is already in a recession.

Bank of England governor Andrew Bailey offered a ray of hope telling reporters that he thinks inflation will fall back from the middle of next year.

Chancellor Jeremy Hunt said there are no easy options and “inflation is the enemy”. He added that tackling inflation is the government’s number one priority.