Interest rates rise to 4.25% - here's what that means for you and your money ⬇️ Explained by gracegausden93
The Bank of England has increased the base rate from 4 per cent to 4.25 per cent, the eleventh consecutive hike since December 2021, when rates were just 0.1 per cent.
Today’s decision was more difficult than usual as the Bank attempted to counter inflation – which was higher than expected last month, increasing unexpectedly to 10.4 per cent – while supporting banks suffering from rapid rate rises. Chancellor Jeremy Hunt wrote to the Governor of the Bank of England, Andrew Bailey, today to say that inflation has increasingly been driven by factors that are more domestic. “These domestic pressures stem from a tight labour market, putting upward pressure on wages, and elevated inflation feeding through into wage and price setting.”Around 1.4 million households are remortgaging at some point this year, leaving their fixed rate period.
Mortgage brokers report that increasing number of clients are opting for a two-year fixed-rate mortgage in the hope that when the fixed period is up, they can fix for longer when rates comes down.
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