For the first time in over a decade the Bank of England has raised its interest rate. The official bank rate has been lifted from 0.25% to 0.5%, the first increase since July 2007. The move reverses the cut in August of last year, which was made in the wake of the vote to leave [...]
With the Bank of England reducing the base rate to just 0.25%, we look at the likely impact on mortgage and savings rates and pensions.
The Bank of England have cut interest rates to a new base rate of 0.25%. This is the first cut since 2009, and how welcome it is will depend on your financial situation. The Bank also announced a new round of quantitative easing (QE) – pumping money into the economy to buy government bonds.