Breaking: Bank of England Increases Base Rate to 0.75%
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The Bank of England faced another tough decision today regarding whether to move the Bank Rate up any further.
Since December 2021 the base rate has been increased incrementally from 0.15 to 0.5% citing the rise in inflation as the catalyst for their decision.
Today, the bank has made the decision to increase the rate again to 0.75% to slow down the surge in inflation.
The Banks deputy governor Jon Cunliffe voted to leave the base rate at 0.5% citing the very real negative impacts which could be felt by UK households.
Whilst the vote wasn’t unanimous, most members voted for the increase, and it was clear from the meeting that it was warranted.
The minutes from the meeting reveal a conversation concerning the effects of Russia’s invasion of Ukraine and warned that it would likely increase peak inflation numbers.
As news of the base rate increase circulates, we are sure to see reactions from organisations and more specifically in our case, lenders.
Mortgage interest rates have been steadily increasing throughout the year and this recent change is likely to see lenders increasing them once again.
If you have a fixed-rate mortgage which is due to expire soon, it would be well worth getting in touch with a mortgage specialist to discuss your options and try to protect yourself from rising interest rates.
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