Interest rates have risen for the tenth time in a row, putting further pressure on mortgage borrowers. On Thursday, 2 February, Bank of England decision makers on the Monetary Policy Committee (MPC) hiked the base rate from 3.5 to 4.5 per cent to help bring down double-digit inflation. The UK is still heading for a recession, but it’s expected to be shorter and milder than previously projected, according to the Bank. GDP is expected to fall by 0.5% over this year, and by 0.25% in 2024, but predicted to pick up to almost 1% by 2025. Watch more videos at the Independent TV: https://www.independent.co.uk/tv/editors-picks Click here to subscribe to The Independent: https://bit.ly/Subscribe-to-Independent About The Independent: Making Change Happen. The Independent is the world’s most free-thinking newsbrand, providing global news, commentary and analysis for the independently-minded. Connect with The Independent: Check out our full video catalog: null Videos, daily editorial and more: http://www.theindy.com/ Click here to get the best of The Independent daily: https://www.independent.co.uk/newsletters Like The Independent on Facebook: https://www.fb.com/TheIndependentOnline Follow The Independent on Twitter: https://twitter.com/Independent Follow The Independent on Instagram: https://www.instagram.com/the.independent Download the iOS & Android app: https://www.independent.co.uk/subscribe/app Help to support truly independent journalism. Every dollar you contribute will directly fund additional special reports and investigations from a free-thinking, award-winning newsroom you can trust - https://www.independent.co.uk/donations Subscribe to Independent Premium for exclusive content & live events: https://bit.ly/2MiOONB