UK will fall into recession this year, warns Bank - BBC News
The Bank of England says it expects the economy to shrink, as it announces the biggest interest rate rise for 27 years.
More now from the Governor of the Bank of England, Andrew Bailey, who tells the BBC that the UK has been hit by a severe shock thanks to soaring energy prices - which he blames on Russia.

He says the increase in gas prices since May has had "a very big impact.. that is passing through directly into inflation.

"It will have an effect on the economy, and, yes, we are forecasting a recession," he adds.

"The really blunt message I have to give, is if that does become more embedded and the problem gets worse, we will have high inflation for longer and the Bank of England will have to raise rates even higher," the governor concludes.