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Thursday, 22 September 2022 13:18

Interest rates rise to 2.25%

Interest rates increase Interest rates increase

The Bank of England's Monetary Policy Committee voted by five to four to increase interest rates by 0.5% to 2.25%. 

This increase means rates are now at their highest level since 2008 during the global financial crisis. 

This is the seventh time in a row the Bank of England has raised rates in an attempt to help against rising prices.

The rate of inflation is currently 9.9%, the highest rate for nearly 40 years. Inflation is widely predicted to increase again in October, even with the Government intervention to limit energy bills for households.

This increase will mean that those with variable mortgages will pay an additional £25 a month per £100,000 borrowed. 

Last modified on Thursday, 22 September 2022 14:32


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