Interest rates were raised to 1.75% this morning as the Bank of England (BoE) made its sixth increase in a row to the base rate.
The Bank’s Monetary Policy Committee voted 8-1 for the 0.5% hike, which although not unexpected, marks the biggest one-month increase to rates in 27 years.
According to Alice Haine, personal finance analyst at Bestinvest, this takes the base rate to the highest level since the financial crisis.
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