'This is a slight improvement on the bleakness of the situation only a few months ago.' Sky's economics and data editor EdConwaySky gives his analysis on the BoE's decision to raise the interest rate from 3% to 3.5%. 📺 Sky 501 and YouTube
The Bank of England has revealed a 0.5 percentage point interest rate increase - its ninth consecutive rise as it maintains its battle against inflation.
Two backed no change while one, the economist Catherine Mann, sought a repeat of November's hike. The rest including governor Andrew Bailey all supported the 0.5 percentage point rise.measure had peaked, the bank is still raising its interest rate because inflationary pressures remain in the economy despite its assertion the UK is already in recession.
Financial information firm Moneyfacts said a Bank rate rise of 0.5 percentage points on the current average SVR of 6.40% would add approximately £1,509 onto total repayments over two years.
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