Martin Lewis has issued a warning after the Bank of England's announcement this afternoon (February 2). After the Monetary Policy Committee meeting voted at a majority 7-2, the bank rate has now been set at 4 percent.
Having increased by 0.5 percent from 3.5 percent in December 2022, this is now the tenth consecutive rise and takes interest rates to the highest level in 14 years since the recession in 2008. The Bank has decided to raise interest rates in a bid to control inflation as they aim to lower it to 2 percent - a target set by the government.
Following the 12pm announcement from the Bank of England, financial guru Martin Lewis gave his immediate reaction and issued a word of warning to homeowners who may be affected.
