The Bank of England has raised interest rates for the tenth time in a row lumping further pressure on mortgage borrowers.Decision makers on the Bank's Monetary Policy Committee (MPC) opted to hike the base rate from 3.5% to 4%, to help bring down double-digit inflation.The Bank said that the UK is still headed for a recession, but stressed that the economic downturn could be shallower and shorter than previously expected.

The Bank of England has raised interest rates for the tenth time in a row lumping further pressure on mortgage borrowers.Decision makers on the Bank's Monetary Policy Committee (MPC) opted to hike the base rate from 3.5% to 4%, to help bring down double-digit inflation.The Bank said that the UK is still headed for a recession, but stressed that the economic downturn could be shallower and shorter than previously expected.