It’s hard to imagine that just under two years ago the Bank of England's base rate stood at an all-time low of 0.1%. Today, it stands at 5.25%. The last time rates were this high was back in April 2008, before the financial crash, and at its highest in 1981 when rates reached 15%.
It remains unclear if rates will continue to rise. On the one hand the BoE will want to keep inflation in check, which is still some way off its 2% target, but on the other hand there is pressure to keep rates low to boost financial markets and reduce the cost of living.
