It comes after inflation failed to drop in May
The Bank's Monetary Policy Committee decided to raise the Base rate from 4.5 per cent to 5 per cent per cent. It means the UK's interest rate is now higher than it was during the early stages of the 2008 financial crisis which topped at 4.5 per cent.
The BoE has frequently signified that it wants inflation to drop and stay at 2 per cent. However, inflation has failed to drop down in April and May which was likely a large factor in today's decision. What will happen to my money now that interest rates have gone up again? The rise in interest rates will have a direct effect on those with a loan or a mortgage with a variable interest rate. From today, you may notice the cost of your repayments going up.
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