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The Guardian - UK
The Guardian - UK
Business
Rupert Jones

What does the Bank’s interest rate rise mean for people’s finances?

Halifax Bank of England UK Finance
The increase in the cost of borrowing is likely to have an impact on the property market. But all eyes are on a possible cut in stamp duty.
The increase in the cost of borrowing is likely to have an impact on the property market. But all eyes are on a possible cut in stamp duty. Photograph: Tom Holt/Alamy

The Bank of England has voted to hike interest rates by 0.5 percentage points to 2.25% - the seventh rise since last December. So what does this mean for your finances?

How will it affect mortgage payments?

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