Monetary Policy Committee had decided to raise the Bank Interest Rate by 0.25% to 5.5%
Thursday, May 10th, 2007 at 11:34 am
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As I predicted a couple of days ago the Monetary Policy Committee had decided to raise the Bank Interest Rate by 0.25% to 5.5%.
This decision was expected in an attempt to keep the lid on inflation and restrict consumer spending and debt. It will mean a rise of around £16 each month for a typical £100,000 mortgage holder. You can expect to see the interst rate rise on all your loans, credit cards and your mortgage soon.
It’s hoped that this might be the last rise for a time as it is hoped that inflation will start to fall again towards the end of the year. Watch this space.
