Thursday, 2 August 2018

Bank of England raises UK interest rates for the second time in a decade



The Bank of England has raised the interest rate for only the second time in a decade.

 
The rate has risen by a quarter of a percentage point, from 0.5% to 0.75% - the highest level since March 2009.


The move will increase the interest costs of more than three-and-a-half million residential mortgages that have variable or tracker rates.


But it will be welcomed by savers, who could see a lift in their interest rates over the coming months.


However, after the last rate rise in November, half of savings accounts did not move at all.




BBC        News.