Fast Talk, Street Talk, Mike Graham.

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The Independent Republic of Mike Graham.

The home of common sense. Talk Radio and Talk TV.

Welcome back to the Independent Republic of Mike Graham right here on Talk TV.

Bank of England has raised interest rates just moments ago to 4.5%.

Now, that's the 12th time in a row in a further attempt by the Bank of England to slow rising prices.

We've been told a few weeks ago, were we not,

that inflation rates would probably be starting to come down by now. But the bank's base rate

has gone from 4.25% to 4.5%, which means that rates are now at their highest level since the

height of the global financial crisis in October 2008. Some of you will remember that. That was when some banks came very

close to collapse. Some banks did in fact collapse. Let's go straight before we talk to Rod Little,

columnist at the Sun, today Peter Cardwell is with us. He's at the Bank of England. He's our

political editor. Peter, another sort of piece of bad news for mortgage holders, I suppose.

Yes, the cost of living, Mike, just got even more expensive mortgages have gone up again. Now, as a result of this interest rate rise as is any credit card debt.

If you have payments on your car or any other loans, that's going to get more expensive.

Savers are hoping that this will mean good news for them that interest rates will go up for them.

But the big four banks have been accused of not passing on previous interest rate rises.

So no huge shock today, but the 12th consecutive rise, as you say,

and we are in a situation where interest rates are the highest since 2008,

near 15 year high here, and that is something that will concern a lot of people.

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