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The Bank of England has raised the base rate of interest by 0.75 percentage points to 3% - the single biggest increase in more than three decades.
In a split vote, the central bank's Monetary Policy Committee (MPC) voted by a 7-2 majority for the biggest increase in rates since 1989 to combat inflation, which hit 10.1% in September.
The Bank warned that the UK could face a protracted recession over the next two years, with high inflation and the unemployment rate climbing to 6.5%.
Martin McTague, National Chair of the Federation of Small Businesses (FSB), said: 'Prior to [the] base rate hike, small firms were already telling us that the availability of new credit worsened in the third quarter, and that finance was already getting more costly, adding to the financial pressures they face.
'Inflation is still sky-high, especially for business inputs, where it is running at around twice the rate of that felt by consumers.
'The Chancellor must not forget small businesses and self-employed people in the upcoming Budget.'
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