Independent Mortgages Direct NE

Interest Rate & House On Teeter Totter

BoE Increase Base Rate By 0.5% To 3.5%

The Bank of England (BoE) has today raised interest rates by a further 0.5% taking the Base Rate from 3% to 3.5% in their ninth consecutive increase in the last 12 months with the rate now at it’s highest level since October 2008 in an attempt to control inflation that fell from 11.1% to 10.7% in November but still remains well outside the governments inflation target of 2.0%.