The UK's interest rate has been risen up for the 11 consecutive time in a bid to drive down inflation
In what is now the 11th consecutive increase in the country's interest rates, the Bank of England's Monetary Policy Committee has decided to raise the Base Rate from 4 per cent to 4.25 per cent. It means the UK's interest rate is now at its highest since the early stages of the 2008 financial crisis. when it topped 4.5 per cent.
"There have been large and volatile moves in global financial markets, in particular since the failure of Silicon Valley Bank and in the run-up to UBS’s purchase of Credit Suisse, and reflecting market concerns about the possible broader impact of these events." Why does the Bank of England change interest rates? The BoE raises interest rates to ensure that inflation is brought down. The Bank's Base Rate is factored by the country's economical situation and it is up to the Bank to decide what will bring down the rate of inflation over the next few years.
What will happen to my money now that interest rates have gone up again? The rise in interest rates will have a direct effect on those with a loan or a mortgage with a variable interest rate. From today, you may notice the cost of your repayments going up.
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