Today's UK & World News

The Bank of England's base rate has been pushed from 3.5 per cent to 4 per cent in the latest move - the 10th successive increase. It is the highest level since 2008 - leaving mortgage-payers counting the cost as the Bank struggles to contain rampant inflation . Governor Andrew Bailey said inflation seemed to have 'turned a corner' but it is 'too early to declare victory yet'. The Bank has also sharply downgraded its dire estimates about the economy, although it still predicts a shallow recession. Chancellor Jeremy Hunt said he supported the Bank's decision, and gave another rebuttal to Tory MPs pushing for early tax cuts.