Interest rate rises to highest it's ever been in 30 years

The Bank of England announced it's biggest interest rate hike in 30 years.

A 0.75% interest rate rise from 2.25% to 3 % in a bid to control the runaway inflation.

The decision was made by the nine members of the Monetary Policy Committee (MPC) and is the single biggest increase in interest rates since 1989.

UTV's reporter Eden Wilson says that for dairy farmer Will Taylor, "It's the news he has been bracing for. "

Mr Taylor also says that the interest rate is not the only thing he is concerned about. The increases that are coming through in his business are "mammoth. and will continue to come through."