The Bank of England Moneterary Policy Committee decided to raise interest rates by a quarter of a percentage point last thursday. The rate is now 4.75%.
It was an unexpected increase and it follows a worldwide trend. Australia raised it’s rate to 6% earlier in the week and the European Central Bank have also increased their rate to 3%, it’s fourth increase in the last eight months. The USA has been steadily increasing rates over the last year or so and it is now set at 5.25%

It is expected to mean a rise of Ò£12 per month on an average mortgage of Ò£80,000. The credit cards companies are sure to increase their rates too.

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