The idea of the Bank of England raising base rate by 0.5% at the same time as warning about a long and painful recession would have been unthinkable a year ago. But things have dramatically changed and central banks are desperately trying to get a grip on runway inflation that just seems to keeo getting worse. Base rate has risen from 0.1% in December to 1.75% now and is set to keep climbing, but why trigger a recession to get inflation driven by outside forces under control. Georgie Frost, Tanya Jefferies and Simon Lambert discuss the rate rise and potential recession and what it means for borrowers, savers, the economy and our financial near future.
