A new survey suggests that millions are deferring major life decisions such as retirement due to soaring living costs.

The Bank of England today increased its base rate by 25 basis points from 4% to 4.25% - the highest level for 15 years.

There was a surprise surge in CPI inflation in February to 10.4% - from 10.1% in January - due mainly to rising food prices.

UK inflation eased for a third month in a row in January, with CPI falling 0.6% for the month.