Bank of England hikes interest rates to 5.25 per cent - what this means for your mortgage
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manchestereveningnews.co.ukInterest rates have now reached yet another record-high following the Bank of England's Monetary Policy Committee meeting today (August 3).
After a majority vote of 6-3, the base rate has now been raised to 5.25 per cent - up from 5 per cent in June - which is now the highest level seen since March 2008.
The 0.25 per cent increase marks the 14th consecutive time that the Bank has chosen to hike interest rates in an attempt to bring inflation down towards the Government's two per cent target.
It comes after the Office for National Statistics (ONS) revealed that inflation fell to 7.9 per cent in June, down from 8.7 per cent in May, which is the lowest rate since March 2022.
Read more on manchestereveningnews.co.uk
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