Independent Mortgages Direct NE

Interest Rate & House On Teeter Totter

BoE Increase Base Rate By 0.25% To 5.25%

As expected The Bank of England (BoE) has today raised interest rates for the 14th consecutive time by a further 0.25% taking the Base Rate from 5.0% to 5.25% pushing the rate to it’s highest level since 2008 in a further attempt to reduce headline inflation. The Monetary Policy Committee (MPC) voted 6-3 in favour of the 0.25% interest rate hike with two members preferring to increase to 5.5% and one remain at 5.0%.