The Bank of England has raised interest rates to 0.75% with inflation predicted to reach 10% by the end of the year.
The rate increase is in response to numerous factors including the situation in Ukraine and its impact on the UK's economy.
Chris Jones has more from London.
IN: "Inflation has been…."
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http://www.fsnradionews.com/feeds/0317-UKRates-CJ-generic.mp3