How the interest rate rise might affect you
Everyone in the UK will be affected by rising prices - from a higher gas bill, to harder choices during the grocery shop. The idea of raising interest rates is to keep those current and predicted price rises, measured by the rate of inflation, under control. Policymakers at the Bank of England have now increased interest rates to 0.5% from 0.25%, the second rate rise in three months. Higher interest rates make borrowing more expensive. For households, that could mean higher mortgage cos...
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