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01:11
Jeremy Hunt calls on families to ‘balance books’ as Bank of England hikes interest rates
Jeremy Hunt called on the British public to "balance the books at home" as the Bank of England hiked interest rates and warned of the UK's longest recession since records began.
The Bank’s base rate will rise to 3% from 2.25%, pushing up mortgage payments by around £73 per month for typical households.
The chancellor has warned that families face "very tough" times ahead as "a third of the world's economy is in recession."
"Families... have to balance their accounts at home, and we must do the same as a government," Mr Hunt added.
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