Interest rate increase

THE Bank of England today increased interest rates by 0.25per cent to 5.75pc.

INTEREST rates are to be increased to 5.75 per cent, the Bank of England has announced today.

The quarter per cent increase from 5.5pc to 5.75pc is the fifth rate rise since last August as the bank attempts to keep inflation down.

Charities have expressed concern that the latest interest rate hike, which will mean people paying £16 a month more on a £100,000 mortgage, will leave many feeling the pinch.

However the increase is good news for savers.

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