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Daily Mirror
Daily Mirror
Business
Sam Barker

What Bank of England interest rate rise means for you - from mortgages to savings

Bank of England Bank

The Bank of England has doubled interest rates to 0.5%, and the move will have a big impact on savers, homeowners and people taking out loans.

Members of the Bank's Monetary Policy Committee (MPC) today voted to raise 'base rate' from 0.25%.

The reason is that inflation is currently running at 5.4% - the highest level in more than a decade, and the Bank wants to drive that down.

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