Interest rates up a quarter-percent

Interest rates will rise by 0.25pc, the Bank of England announced today.The Bank's monetary policy committee made the decision, which was widely expected, as it attempts to reduce inflation towards its target level of 2pc.

Interest rates will rise by 0.25pc, the Bank of England announced today.

The increase takes the bank's base rate to 5.5pc, the highest level for six years, and means homeowners will have to find an extra £16 a month towards mortgage repayments on a £100,000 loan.

The Bank's monetary policy committee made the decision, which was widely expected, as it attempts to reduce inflation towards its target level of 2pc.

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