🔴 The base rate of 2.25% is the highest since November 2008 ⬇️ Here's what the latest rise means for you, from savings to pensions and mortgages
, the highest level in 14 years, and indicated that the country is already in a recession.
It comes amid news that, following the Government’s announcement of the Energy Price Guarantee, the peak in CPI inflation is now likely to be lower than projected in the Bank’s August report, at just under 11 per cent in October.The interest rate hike is bad news for homeowners and potential homeowners, who are already grappling with rising energy bills.
Alice Guy, a personal finance expert at interactive investor, added: “There is huge pain ahead for mortgage holders this winter, especially if they have a fixed-rate deal coming to an end. Ms Suter said a further bump in the interest rates on offer can be expected, as competition is “turbocharged” by today’s announcement.
“The smartest bet right now might be parking your money in the top-paying easy-access account, waiting for rates to rise further and then locking in a fixed-rate deal.”There has already been an increase in repossessions this year and this is set to rise further as people are unable to pay bills amid the cost of living crisis.
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