Agentgonzo
Landlord.
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The downfall of the Tory party.
- Thread starter Chippy_Tea
- Start date
Help Support The Homebrew Forum:
Bernie
Landlord.
Are you accusing him of evading taxes?
Shirley Bassett
Regular.
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You could add disablement, bankruptcy and having to live on universal credit to the list.
Business as usual, the government lurching from crisis to crisis instead of you know, governing.
If Sunak happens to be competent then it's going to take a while to clean up the mess left by previous leaderships.
Although re-appointing Braverman days after she resigned over a national security issue was hardly an auspicious start.
Shirley Bassett
Regular.
- Joined
- Aug 15, 2018
- Messages
- 443
- Reaction score
- 486
Seems that Braverman is a serial offender with Security Docs to her private email.
Question is, where do they go after that?
Question is, where do they go after that?
Bernie
Landlord.
More to the point, who chose to send them there? That person is the weak link in the security chain.
It’s a sackable offence at every employer I’ve ever had. If it was confidential documents I’d be sacked on the spot.
Inexcusable for someone in government to be doing it.
Politicians like your average jo in the street often don't exercise good cybersecurity. Apparently 'accidental' security leakage is less serious than deliberate leakage of course, but the consequences to uk citizens is the same.
I bet a fair few of you have been a reciepent of an email where the other recipients should have been hidden using BCC but were visible using CC instead, thus breaching the ICO UKGDPR.
There was a email sent to those attending an aids clinic that went out CC instead of BCC so protecting YOUR privacy from someone elses stupidity requires a bit more thought on your part.
I make a disposal email address if I suspect there could be issues down the line. such as [email protected]
I bet a fair few of you have been a reciepent of an email where the other recipients should have been hidden using BCC but were visible using CC instead, thus breaching the ICO UKGDPR.
There was a email sent to those attending an aids clinic that went out CC instead of BCC so protecting YOUR privacy from someone elses stupidity requires a bit more thought on your part.
I make a disposal email address if I suspect there could be issues down the line. such as [email protected]
The government is facing growing calls to raise more money from the windfall tax on energy firms after oil giant BP reported a huge rise in global profits.
BP made $8.2bn (£7.1bn) between July and September, more than double its profit for the same period last year.
Surging oil and gas prices have led to big gains for energy firms but are also fuelling a rise in the cost of living.
BP expects to pay $800m in UK windfall taxes this year while rival Shell recently said it will pay none.
The windfall tax was introduced by Rishi Sunak in May when he was chancellor. A Treasury spokesperson said the tax was expected to raise £17bn this year and next "to help fund cost of living support for eight million people".
But Ed Miliband, shadow climate change secretary, said that BPs' profits were "damning evidence of the failure of the government to levy a proper windfall tax".
"Rishi Sunak should be hanging his head in shame that he has left billions of windfall profits in the pockets of oil and gas companies, while the British people face a cost-of-living crisis," he said.
Alok Sharma, UK's COP president and the former Business Secretary, tweeted: "We need to raise more money from a windfall tax on oil and gas companies and actively encourage them to invest in renewables."
Treasury sources have indicated an extension to the windfall tax is being discussed ahead of the Autumn Statement on 17 November, which will detail plans for tax rises and spending cuts as the government attempts to fill a "black hole" in public finances.
That could include increasing the rate oil and energy companies have to pay on extraordinary profits, extending the timeframe it applies for or expanding it to include other firms benefitting from higher oil prices such as electricity generators.
The Treasury has warned that everyone will need to pay more tax "in the years ahead".
Last week, Shell revealed that it had paid no windfall tax in the UK because it had invested millions of pounds here. But it said it expected to start paying the levy next year.
BP expects to pay $2.5bn in tax on its North Sea business this year, which includes the windfall levy.
The company also plans to buy back an additional £2.5bn of its shares. So-called share buybacks help boost a company's share price and are popular with investors.
"Companies like BP are making huge profits and channelling these straight back to already-wealthy shareholders through share buyback schemes," said George Dibb, head of the Centre for Economic Justice at the IPPR, the left-leaning think tank.
"Instead of reducing costs for consumers or investing in renewable energy, these fossil fuel giants are prioritising transfers to shareholders."
Full article - BP profit jump sparks calls for bigger windfall tax
BP made $8.2bn (£7.1bn) between July and September, more than double its profit for the same period last year.
Surging oil and gas prices have led to big gains for energy firms but are also fuelling a rise in the cost of living.
BP expects to pay $800m in UK windfall taxes this year while rival Shell recently said it will pay none.
The windfall tax was introduced by Rishi Sunak in May when he was chancellor. A Treasury spokesperson said the tax was expected to raise £17bn this year and next "to help fund cost of living support for eight million people".
But Ed Miliband, shadow climate change secretary, said that BPs' profits were "damning evidence of the failure of the government to levy a proper windfall tax".
"Rishi Sunak should be hanging his head in shame that he has left billions of windfall profits in the pockets of oil and gas companies, while the British people face a cost-of-living crisis," he said.
Alok Sharma, UK's COP president and the former Business Secretary, tweeted: "We need to raise more money from a windfall tax on oil and gas companies and actively encourage them to invest in renewables."
Treasury sources have indicated an extension to the windfall tax is being discussed ahead of the Autumn Statement on 17 November, which will detail plans for tax rises and spending cuts as the government attempts to fill a "black hole" in public finances.
That could include increasing the rate oil and energy companies have to pay on extraordinary profits, extending the timeframe it applies for or expanding it to include other firms benefitting from higher oil prices such as electricity generators.
The Treasury has warned that everyone will need to pay more tax "in the years ahead".
Last week, Shell revealed that it had paid no windfall tax in the UK because it had invested millions of pounds here. But it said it expected to start paying the levy next year.
BP expects to pay $2.5bn in tax on its North Sea business this year, which includes the windfall levy.
The company also plans to buy back an additional £2.5bn of its shares. So-called share buybacks help boost a company's share price and are popular with investors.
"Companies like BP are making huge profits and channelling these straight back to already-wealthy shareholders through share buyback schemes," said George Dibb, head of the Centre for Economic Justice at the IPPR, the left-leaning think tank.
"Instead of reducing costs for consumers or investing in renewable energy, these fossil fuel giants are prioritising transfers to shareholders."
Full article - BP profit jump sparks calls for bigger windfall tax
Could this be the next U turn after initially saying he was too busy preparing for the budget.
Former PM Boris Johnson has confirmed he will attend the COP27 climate conference in Egypt next week after being invited by the organisers.
His successor at No 10 Rishi Sunak has been under pressure to attend, after initially saying he was too busy preparing for the budget.
But it now looks increasingly likely that Mr Sunak will go after all.
His official spokesman said "significant progress" was being made on the financial statement.
No 10 said it would provide an update if Mr Sunak's travel plans change.
The 27th meeting of the Conference Of the Parties (COP) is due to start in Sharm El-Sheikh on Sunday.
World leaders including US President Joe Biden and France's Emmanuel Macron are due to gather at the venue on Monday.
Mr Sunak's predecessor Liz Truss had been set to go when she was PM and Scotland's First Minister Nicola Sturgeon will also be at the event.
Speaking to Sky News, Mr Johnson said he had a "particular interest" in going to the United Nations conference, which aims to get international agreement on reducing carbon emissions.
Mr Johnson claimed it had "become unfashionable" to talk about the previous COP conference that was held in Glasgow last year.
He argued that the UK-hosted COP "was a fantastic global success" which was "doing a huge a mount of good for the planet".
Mr Johnson said he wanted to use his appearance in Egypt to "talk a little bit about how I see things and how we see things in the UK".
Alok Sharma, the UK's COP26 president, is among those saying the prime minister to go.
Mr Johnson also used his Sky interview to say Russian President Vladimir Putin "would be crazy" to use nuclear weapons in Ukraine.
Mr Johnson said using a nuclear weapon would mean Mr Putin "would immediately tender Russia's resignation from the club of civilised nations".
The former UK leader said it would be a "total disaster" for Russia, which would be put into a "cryogenic economic freeze". Mr Putin would also "lose a lot of the middle ground of global tacit acquiescence that he's had", Mr Johnson added.
https://www.bbc.co.uk/news/uk-politics-63478120
Former PM Boris Johnson has confirmed he will attend the COP27 climate conference in Egypt next week after being invited by the organisers.
His successor at No 10 Rishi Sunak has been under pressure to attend, after initially saying he was too busy preparing for the budget.
But it now looks increasingly likely that Mr Sunak will go after all.
His official spokesman said "significant progress" was being made on the financial statement.
No 10 said it would provide an update if Mr Sunak's travel plans change.
The 27th meeting of the Conference Of the Parties (COP) is due to start in Sharm El-Sheikh on Sunday.
World leaders including US President Joe Biden and France's Emmanuel Macron are due to gather at the venue on Monday.
Mr Sunak's predecessor Liz Truss had been set to go when she was PM and Scotland's First Minister Nicola Sturgeon will also be at the event.
Speaking to Sky News, Mr Johnson said he had a "particular interest" in going to the United Nations conference, which aims to get international agreement on reducing carbon emissions.
Mr Johnson claimed it had "become unfashionable" to talk about the previous COP conference that was held in Glasgow last year.
He argued that the UK-hosted COP "was a fantastic global success" which was "doing a huge a mount of good for the planet".
Mr Johnson said he wanted to use his appearance in Egypt to "talk a little bit about how I see things and how we see things in the UK".
Putin weapons
The UK is the current holder of the COP presidency, after hosting the summit in Glasgow last year.Alok Sharma, the UK's COP26 president, is among those saying the prime minister to go.
Mr Johnson also used his Sky interview to say Russian President Vladimir Putin "would be crazy" to use nuclear weapons in Ukraine.
Mr Johnson said using a nuclear weapon would mean Mr Putin "would immediately tender Russia's resignation from the club of civilised nations".
The former UK leader said it would be a "total disaster" for Russia, which would be put into a "cryogenic economic freeze". Mr Putin would also "lose a lot of the middle ground of global tacit acquiescence that he's had", Mr Johnson added.
https://www.bbc.co.uk/news/uk-politics-63478120
Another U turn -
The prime minister has reversed an earlier decision not to go to the COP27 climate summit in Egypt.
No 10 had said Rishi Sunak was too busy preparing for the 17 November budget to attend the event which opens on Sunday.
But this had been widely criticised by climate campaigners, opposition parties and climate adviser Alok Sharma.
Mr Sunak said there was "no long-term prosperity without action on climate change" or energy security without investment in renewables.
"That's why I will attend COP27 next week - to deliver on Glasgow's legacy of building a secure, clean and sustainable future," he told MPs during Prime Minister's Questions.
On Tuesday, former prime minister Boris Johnson said he would attend COP27 in Sharm El Sheikh.
The UK hosted last year's COP (Conference Of The Parties) in Glasgow and it was chaired by Mr Sharma.
Green MP Caroline Lucas welcomed what she called a "screeching U-turn" after "an embarrassing mis-step on the world stage".
"Let this be a lesson to him - climate leadership matters," she added.
Labour leader Sir Keir Starmer accused the prime minister of acting "in the name of political management" rather than the national interest.
"Caving in to criticism is not leadership. Real leadership is seizing your seat at the table. For UK jobs. For clean energy. For our environment," he tweeted.
Liberal Democrat climate change spokesperson Wera Hobhouse said: "This whole debacle has shown the environment is simply not a priority for Rishi Sunak. He's only going after being embarrassed by Boris Johnson's attendance."
Foreign Secretary James Cleverly defended the prime minister's approach, saying he had always recognised COP27 was an "incredibly important event".
Mr Cleverly said Mr Sunak had wanted to make sure the economic situation was in hand, and had now reassured himself that was the case - freeing him up to travel to Egypt.
Mr Sharma, who had said he was "disappointed" Mr Sunak would not be attending, tweeted that he was "delighted" the prime minister would now be going.
Many world leaders including US President Joe Biden and France's Emmanuel Macron are due to attend the UN event.
Mr Sunak's predecessor Liz Truss had been set to go and Scotland's First Minister Nicola Sturgeon will also be there.
A number of countries had also criticised Mr Sunak's earlier decision not to go and questioned the UK's commitment to tackle the climate crisis.
The Egyptian government, which is hosting COP27, voiced its "disappointment". Carlos Fuller, Belize's ambassador to the UN, told The Guardian it looked as if the UK was "washing their hands of leadership".
Mohammed Nasheed, speaker of the Maldives parliament and a former president, said nothing was more serious than climate change.
King Charles - a long-time champion of environmental causes - will not be going, despite speaking at COP26 in Glasgow.
Downing Street said Liz Truss's government had agreed with Buckingham Palace that it was not the "right occasion" for the King to attend - and this advice had not changed.
The annual climate summits are designed to help governments agree measures to limit rises in global temperatures.
This year's conference takes place from 6 to 18 November, finishing the day after Chancellor Jeremy Hunt is due to set out the government's tax and spending plans.
On Tuesday, Mr Sunak's official spokesman said "significant progress" was being made on the autumn statement.
https://www.bbc.co.uk/news/uk-politics-63484971
The prime minister has reversed an earlier decision not to go to the COP27 climate summit in Egypt.
No 10 had said Rishi Sunak was too busy preparing for the 17 November budget to attend the event which opens on Sunday.
But this had been widely criticised by climate campaigners, opposition parties and climate adviser Alok Sharma.
Mr Sunak said there was "no long-term prosperity without action on climate change" or energy security without investment in renewables.
"That's why I will attend COP27 next week - to deliver on Glasgow's legacy of building a secure, clean and sustainable future," he told MPs during Prime Minister's Questions.
On Tuesday, former prime minister Boris Johnson said he would attend COP27 in Sharm El Sheikh.
The UK hosted last year's COP (Conference Of The Parties) in Glasgow and it was chaired by Mr Sharma.
Green MP Caroline Lucas welcomed what she called a "screeching U-turn" after "an embarrassing mis-step on the world stage".
"Let this be a lesson to him - climate leadership matters," she added.
Labour leader Sir Keir Starmer accused the prime minister of acting "in the name of political management" rather than the national interest.
"Caving in to criticism is not leadership. Real leadership is seizing your seat at the table. For UK jobs. For clean energy. For our environment," he tweeted.
Liberal Democrat climate change spokesperson Wera Hobhouse said: "This whole debacle has shown the environment is simply not a priority for Rishi Sunak. He's only going after being embarrassed by Boris Johnson's attendance."
Foreign Secretary James Cleverly defended the prime minister's approach, saying he had always recognised COP27 was an "incredibly important event".
Mr Cleverly said Mr Sunak had wanted to make sure the economic situation was in hand, and had now reassured himself that was the case - freeing him up to travel to Egypt.
Mr Sharma, who had said he was "disappointed" Mr Sunak would not be attending, tweeted that he was "delighted" the prime minister would now be going.
Many world leaders including US President Joe Biden and France's Emmanuel Macron are due to attend the UN event.
Mr Sunak's predecessor Liz Truss had been set to go and Scotland's First Minister Nicola Sturgeon will also be there.
A number of countries had also criticised Mr Sunak's earlier decision not to go and questioned the UK's commitment to tackle the climate crisis.
The Egyptian government, which is hosting COP27, voiced its "disappointment". Carlos Fuller, Belize's ambassador to the UN, told The Guardian it looked as if the UK was "washing their hands of leadership".
Mohammed Nasheed, speaker of the Maldives parliament and a former president, said nothing was more serious than climate change.
King Charles - a long-time champion of environmental causes - will not be going, despite speaking at COP26 in Glasgow.
Downing Street said Liz Truss's government had agreed with Buckingham Palace that it was not the "right occasion" for the King to attend - and this advice had not changed.
The annual climate summits are designed to help governments agree measures to limit rises in global temperatures.
This year's conference takes place from 6 to 18 November, finishing the day after Chancellor Jeremy Hunt is due to set out the government's tax and spending plans.
On Tuesday, Mr Sunak's official spokesman said "significant progress" was being made on the autumn statement.
https://www.bbc.co.uk/news/uk-politics-63484971
Bernie
Landlord.
Presidents of republics don't want to hear "I told you so" from a monarch.
Bernie
Landlord.
The prime minister has reversed an earlier decision not to go to the COP27 climate summit in Egypt.
How can it be a U turn? Surely, a U turn would have been to have come from Egypt and gone back again.
How can it be a U turn? Surely, a U turn would have been to have come from Egypt and gone back again.
As you didn't add a smiley to your post -
He said he was not going to COP27 because he was "too busy preparing for the budget" and as soon as he heard Boris had been invited and was going suddenly decided the budget wasn't that important after all.
Bernie
Landlord.
COP27 sounds like summer Davos.
Rishi Sunak will review the pledges he made during his summer Tory leadership campaign, No 10 has said.
The prime minister will examine "whether now is the right time to bring them forward," his spokeswoman said.
Mr Sunak lost to Liz Truss in a ballot of Tory members - but was selected to replace her by Tory MPs when her premiership fell apart.
He announced dozens of policies during his summer campaign, including tax cuts.
But his spokeswoman said the economic "context" had changed since the promises were made.
"We need to take some time to make sure what is deliverable and what is possible," she added.
Unlike his summer campaign, Mr Sunak did not make any policy pledges during the four-day contest to replace Ms Truss as prime minister last month.
His earlier campaign promises included a pledge to scrap the 5% VAT rate on household energy bills, and lower the basic rate of income tax by 4% before the end of the next parliament.
Mr Sunak also promised to keep April's 1.25p in the pound rise to National Insurance - currently due to be reversed on Sunday in the wake of Ms Truss's mini-budget in September.
He also pledged to place an annual cap on the number of refugees the UK accepts, tighten asylum qualification criteria, and withhold aid from countries that won't take migrant returns.
At Prime Minister's Questions, Mr Sunak sought to reassure his backbenchers that migration was a "priority" for him, as he faced questions over the government's record on asylum claims.
Afterwards the PM's spokeswoman said Mr Sunak remained "committed to the sentiment" of his migration pledges, but confirmed they would form part of the review.
Other summer leadership pledges include:
He has also restored the ban on shale gas fracking in England that was lifted by Ms Truss. During the summer, he said he supported fracking where projects have local consent.
The policy review comes as Mr Sunak and Chancellor Jeremy Hunt consider tax increases and spending cuts ahead of a budget on 17 November.
Ahead of the statement, the Treasury has been warning that across-the-board tax increases will be required to ensure the government meets its medium-term targets on spending and debt.
Reports have suggested Mr Hunt could extend a freeze on income tax thresholds, as well as the windfall tax on oil and gas firms.
The government is considering delaying the introduction of a £86,000 lifetime cap on social care costs due to apply in England from October 2023, a government source told the BBC.
The plan includes a more generous means-test for people applying to their local council for financial support.
Groups representing local authorities have been calling for a delay to the introduction of the cap, with warnings of staffing and financial pressures on services.
Sir Andrew Dilnot, the architect of a previous cap that was abandoned in 2017, said it would be "astonishing" if the government went ahead with a delay.
He told BBC Radio 4's World at One it might save money in "the very short term" - but would make no difference to the public finances in the long term if it is eventually applied anyway.
The prime minister will examine "whether now is the right time to bring them forward," his spokeswoman said.
Mr Sunak lost to Liz Truss in a ballot of Tory members - but was selected to replace her by Tory MPs when her premiership fell apart.
He announced dozens of policies during his summer campaign, including tax cuts.
But his spokeswoman said the economic "context" had changed since the promises were made.
"We need to take some time to make sure what is deliverable and what is possible," she added.
Unlike his summer campaign, Mr Sunak did not make any policy pledges during the four-day contest to replace Ms Truss as prime minister last month.
His earlier campaign promises included a pledge to scrap the 5% VAT rate on household energy bills, and lower the basic rate of income tax by 4% before the end of the next parliament.
Mr Sunak also promised to keep April's 1.25p in the pound rise to National Insurance - currently due to be reversed on Sunday in the wake of Ms Truss's mini-budget in September.
He also pledged to place an annual cap on the number of refugees the UK accepts, tighten asylum qualification criteria, and withhold aid from countries that won't take migrant returns.
At Prime Minister's Questions, Mr Sunak sought to reassure his backbenchers that migration was a "priority" for him, as he faced questions over the government's record on asylum claims.
Afterwards the PM's spokeswoman said Mr Sunak remained "committed to the sentiment" of his migration pledges, but confirmed they would form part of the review.
Other summer leadership pledges include:
- eliminating one-year hospital waiting times by September 2024
- preventing solar panels being installed on "our best farmland"
- banning strikes in essential public services
- blocking new smart motorways, where technology is used to regulate traffic flow
He has also restored the ban on shale gas fracking in England that was lifted by Ms Truss. During the summer, he said he supported fracking where projects have local consent.
The policy review comes as Mr Sunak and Chancellor Jeremy Hunt consider tax increases and spending cuts ahead of a budget on 17 November.
Ahead of the statement, the Treasury has been warning that across-the-board tax increases will be required to ensure the government meets its medium-term targets on spending and debt.
Reports have suggested Mr Hunt could extend a freeze on income tax thresholds, as well as the windfall tax on oil and gas firms.
Social care changes
Ministers have also not ruled out real-terms cuts to pensions and benefits by raising them below the rate of inflation, a move that could save billions.The government is considering delaying the introduction of a £86,000 lifetime cap on social care costs due to apply in England from October 2023, a government source told the BBC.
The plan includes a more generous means-test for people applying to their local council for financial support.
Groups representing local authorities have been calling for a delay to the introduction of the cap, with warnings of staffing and financial pressures on services.
Sir Andrew Dilnot, the architect of a previous cap that was abandoned in 2017, said it would be "astonishing" if the government went ahead with a delay.
He told BBC Radio 4's World at One it might save money in "the very short term" - but would make no difference to the public finances in the long term if it is eventually applied anyway.
https://www.bbc.co.uk/news/uk-politics-63488785
Some companies will not exist in January if interest rate rises continue, a business owner has warned.
It comes as the Bank of England has decided to raise interest rates from 2.25% to 3%, the biggest increase since 1989.
Domenico Scarpetta faced interest rate hikes in the 1990s, but back then, "all I had to worry about was my mortgage, not the price of food as well".
Food and electricity prices have also soared in recent months.
The general cost of items is currently 10.1% more expensive than 12 months ago, according to official figures.
The bank's target is to keep it at 2%.
Reacting to the rise in interest rates, Mr Scarpetta, who runs food producer La Mediterranea Food UK in Abergavenny, Monmouthshire, said the situation "cannot get worse" than currently.
He said that after the rise in interest rates, cost of electricity and price of food, he is paying about £1,000 more every week than he was a year ago.
"I know that I will be a winner if I just break even and survive this year," said Mr Scarpetta.
"I think a lot of businesses will fail and won't be in business in the new year, it's as plain and simple as that."
In theory, by raising interest rates the bank can slow down price rises.
But the increase makes some loans and mortgages more expensive, leading to another squeeze on household incomes.
"It will be £3,500 a month, this will cripple my business," he said.
"The situation is really really bad, but if I panic now how do I dispose of ten full time staff? How do I dispose of five units?
"We have no choice, we have to carry on and take the hit."
Rising food costs have also seen his ingredients shoot up.
He buys 25,000kg of pasta flour a year which has doubled in price, while oil has risen from 89p a litre to £2.75 a litre and six cans of tinned tomatoes have jumped from £8 to £19.50.
Asked if he could pass on the price rises to customers, he said: "What can we put up by? Perhaps 10% but we can't put it up 100%, so it's affecting any business."
Three doors down, Myf Hywel, 21, started making and selling takeaway food.
She has a loan for various equipment from cookers to vacuum packers and large fridges, which is fixed until October next year.
But rises in interest rates have left her worried about what happens when her deal ends.
"How am I going to pay it back when the months are quieter?"
"It's Christmas I have in the back of my mind.
"Hopefully that will keep me going but then we go into January and I know that will be a quieter time of year. It will be hard."
She said: "The chancellor must use his autumn statement to turn away from austerity and instead invest in the UK and deliver a meaningful and targeted cost-of-living support package."
Welsh Secretary David TC Davies said Chancellor Jeremy Hunt and Prime Minister Rishi Sunak were "compassionate" and their focus was "going to be on those that have the least".
He added: "Obviously, nobody wants to see the interest rates rise... it will have an effect on more mortgages sooner or later."
Meanwhile, Lloyd Powell, head of the Chartered Certified Accountants (ACCA) Wales, said the interest rate rise was "alarming".
He said: "Accessing finance is hard and is taking longer to access. It is vital to put finance in place well before it's needed. [Businesses] across the UK need stability and as much certainty from the Exchequer as it can provide to allow them to effectively plan, recover and grow."
https://www.bbc.co.uk/news/uk-wales-63487469
It comes as the Bank of England has decided to raise interest rates from 2.25% to 3%, the biggest increase since 1989.
Domenico Scarpetta faced interest rate hikes in the 1990s, but back then, "all I had to worry about was my mortgage, not the price of food as well".
Food and electricity prices have also soared in recent months.
The general cost of items is currently 10.1% more expensive than 12 months ago, according to official figures.
The bank's target is to keep it at 2%.
Reacting to the rise in interest rates, Mr Scarpetta, who runs food producer La Mediterranea Food UK in Abergavenny, Monmouthshire, said the situation "cannot get worse" than currently.
He said that after the rise in interest rates, cost of electricity and price of food, he is paying about £1,000 more every week than he was a year ago.
"I know that I will be a winner if I just break even and survive this year," said Mr Scarpetta.
"I think a lot of businesses will fail and won't be in business in the new year, it's as plain and simple as that."
In theory, by raising interest rates the bank can slow down price rises.
But the increase makes some loans and mortgages more expensive, leading to another squeeze on household incomes.
'This will cripple my business'
La Mediterranea spends 17.12p per unit of electricity used but from December it is rising to £1.24 per unit."It will be £3,500 a month, this will cripple my business," he said.
"The situation is really really bad, but if I panic now how do I dispose of ten full time staff? How do I dispose of five units?
"We have no choice, we have to carry on and take the hit."
Rising food costs have also seen his ingredients shoot up.
He buys 25,000kg of pasta flour a year which has doubled in price, while oil has risen from 89p a litre to £2.75 a litre and six cans of tinned tomatoes have jumped from £8 to £19.50.
Asked if he could pass on the price rises to customers, he said: "What can we put up by? Perhaps 10% but we can't put it up 100%, so it's affecting any business."
Three doors down, Myf Hywel, 21, started making and selling takeaway food.
She has a loan for various equipment from cookers to vacuum packers and large fridges, which is fixed until October next year.
But rises in interest rates have left her worried about what happens when her deal ends.
"How am I going to pay it back when the months are quieter?"
"It's Christmas I have in the back of my mind.
"Hopefully that will keep me going but then we go into January and I know that will be a quieter time of year. It will be hard."
'Alarming' rise in interest rates
The Welsh government's Finance Minister Rebecca Evans said the rise would make a "difficult situation even tougher" for struggling people and businesses.She said: "The chancellor must use his autumn statement to turn away from austerity and instead invest in the UK and deliver a meaningful and targeted cost-of-living support package."
Welsh Secretary David TC Davies said Chancellor Jeremy Hunt and Prime Minister Rishi Sunak were "compassionate" and their focus was "going to be on those that have the least".
He added: "Obviously, nobody wants to see the interest rates rise... it will have an effect on more mortgages sooner or later."
Meanwhile, Lloyd Powell, head of the Chartered Certified Accountants (ACCA) Wales, said the interest rate rise was "alarming".
He said: "Accessing finance is hard and is taking longer to access. It is vital to put finance in place well before it's needed. [Businesses] across the UK need stability and as much certainty from the Exchequer as it can provide to allow them to effectively plan, recover and grow."
https://www.bbc.co.uk/news/uk-wales-63487469
Bernie
Landlord.
So what's the solution?
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