Interest rates: Bank of England hikes rate by 0.5% to highest level in more than 13 years

The Bank of England has announced it will hike interest rates to their highest in more than 13 years and indicated it believes the economy is already in recession.

The central bank had previously projected the economy would grow in the current financial quarter but said it now believes Gross Domestic Product (GDP) will fall 0.1 per cent.

FULL STORY: Bank of England hikes rate by 0.5% to highest level in more than 13 years