First UK Interest Rate Rise in 10 Years

For the first time in more than 10 years the Bank of England has raised interest rates.

The official bank rate has been lifted from 0.25% to 0.5%, the first increase since July 2007 when rates hit 5.75%.

The move reverses the cut in August of last year – made in the wake of the vote to leave the European Union.

Almost four million households face higher mortgage interest payments after the rise, but it should give savers a modest lift in their returns.

Via: http://www.bbc.co.uk/news/business-41846330

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