The Bank of England has put up interest rates to four per cent - but what does this mean for our money?
Here is a guide to what the changes mean for your mortgage, debts and savings as the base rate increased from 3.5%. Banks and lenders change the interest rates on their savings and borrowing products in line with the base rate.
This means when the base rate goes up, borrowing money becomes more expensive. This is particularly bad for homeowners with a variable rate mortgage - but in some good news, savings rates have gone up.
