Helia Ebrahimi , Economics Correspondent

The Bank of England is expected to put up interest rates later this week to their highest level for 15 years in a bid to bring down inflation. It’ll be the 12th increase in the cost of borrowing since the end of 2021 – although one building society has now started offering a deposit free…

The competition watchdog has launched an investigation into the impact of artificial intelligence. The Competition and Markets Authority says it will look into the effect of AI on consumers, businesses and the economy and whether new controls are needed.

Britain has the highest inflation rate in Western Europe. Last month the rising cost of food contributed to a 10.1% inflation rate, only a slight drop from the month before.

The real value of people’s pay has now fallen for 15 months in a row, according to the latest official figures. 

The wave of public sector strikes is also hitting the UK economy, which flatlined last month.

The UK is set to be one of the world’s worst performing major economies this year, according to the International Monetary Fund.

The Bank of England has warned that the wider financial system in the UK – including pension and hedge funds – urgently needs to be made more resilient.

There are signs tonight of a shift over the funding of the NHS pay deal – with the health Secretary telling trade unions there will be additional funding available from the Treasury.

Interest rates have gone up to 4.25% – their highest level in 15 years.

Banking shares fell this morning in the UK and around Europe after this weekend’s emergency rescue deal for the troubled bank Credit Suisse. 

Downing Street has said it will cost £4 billion to fund the new pay offer for NHS staff, designed to end the damaging wave of industrial action – but it hasn’t given any details on where that money is coming from.

So what makes up Jeremy Hunt’s £22 billion package of government spending and tax breaks? 

Our Economics Correspondent Helia Ebrahimi joins us from outside Number 11 Downing Street.

The conflict in Ukraine has opened up fault lines between the great powers that now threaten the way the world economic system works. The West is clearly determined to push Russia to the economic periphery.

The Bank of England has raised interest rates for the third time in four months to 0.75%.