Interest Rates Raised For 12th Time In A Row
UK interest rates have been raised for a 12th time in a row in a further attempt by the Bank of England to slow rising prices.
The increase to the Bank's base rate from 4.25% to 4.5% means rates are now at their highest level since the height of the global financial crisis in October 2008 when several banks collapsed, almost 15 years ago.
The rise is likely to heap further pressure on many households struggling with the cost of living.
It will mean higher mortgage payments for some homeowners, while people looking for loans will face higher borrowing costs. However, high interest rates can benefit savers.
The Bank of England has raised rates to their highest levels in almost 15 years
The base rate has risen from 4.25% to 4.5% - the 12th successive raise in a row
The Bank has been raising rates in an attempt to lower inflation - the rate at which prices are rising
Rising interest rates mean monthly payments on some mortgages, loans and credit cards will go up - though some people will earn more money on their savings
High inflation, largely driven by the soaring cost of energy, has pushed prices up leaving many people struggling with the cost of living
Walsh West Chartered Certified Accountants
Phone 0203 488 7503, 01992 236 110