The Bank of England has increased interest rates again, bringing them to the highest point in 14 years. What does it mean for households, and why does the Bank feel it has to do this? We explore the outcomes here.
What has happened to interest rates?
The Bank of England has decided to increase interest rates for the ninth time in a row, bringing its base rate to 3.5%. It is the highest base rate since the financial crisis. The last time rates were higher – at 4.5% – was in November 2008.
