U.K. Interest Rates Rise

The big news of the day will not make great reading for many homeowners, as the Bank of England has decided to raise interest rates by 0.25%, to 4.75%.

Despite a raise looking on the cards, I think this will still come as a shock to many people, as it was thought that a rise might only happen late this year or maybe even next year.

The major reason for the change was to keep inflation in check. There has been a mixed reaction from the financial community – shares dropped 1% on the news, but the pound improved against the dollar.

It is the first time that rates have moved in 2 years.

More coverage on the interest rate rise:

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