Interest rates surge to 2.25% hitting 14-year high - what it means for your cash

Interest rates have been hiked again with the Bank of England (BoE) raising its base rate to its highest level in 14 years this afternoon.

The base rate has risen from 1.75% to 2.25% - an increase of 0.5 percentage points.

It is the seventh time in a row that the Bank of England has increased interest rates.