Interest rates have been put up again, rising a further 0.25% to 5.5%.
This is their highest rate for 6 years, and has been done in order to keep inflation in check and to slow down consumer spending.
I’ve talked about the effects of interest rate rises and falls before, but as ever people will probably be most interested in calculating how an interest rate rise could affect their mortgage, which is probably the most obvious knock-on affect for many of us.
Further coverage on the interest rate rise can be found on the BBC.
UK inflation slows to 2.5% in May
The UK’s rate of inflation slowed in May to the weakest level in seven months, official figures have shown.
Consumer price inflation fell to 2.5% last month, against 2.8% in April, the Office for National Statistics said.