Interest rates have risen to 2.25%, the highest level in 14 years. The Bank of England (BoE) made the announcement on Thursday, September 2022 and it was news that many financial experts were expecting.
The base rate now stands at 2.25% from its 1.75% level on Wednesday, an increase of 0.5 percentage points. This is the seventh rise and anyone with a mortgage, loan or outstanding debt with be acutely aware of the impact the rate rise has on any outstanding balances.
Mortgage and loan amounts may go up depending on the type of account you hold. However, on the plus side, those with savings should see a better return on their investment - something that has been sadly lacking for a number of years.
