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.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here