Cost of Living: Price rises could cripple any business, owner says

A business owner has warned some companies will not be around in January if interest rates continue to rise.

It comes as the Bank of England has decided to raise interest rates from 2.25% to 3%, the biggest increase since 1989.

Inflation calculates prices for a range of general items and they currently 10.1% higher than 12 months ago but the bank's target is 2%.

Domenico Scarpetta knows what rate rises are like having faced them in the 1990s.