Martin Lewis Britain Twitter reports economy Martin Lewis Britain

Martin Lewis issues advice on how interest rate hike will affect mortgages and savings

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Martin Lewis has taken to Twitter to explain what the Bank of England's interest rate increase means for you. The Bank of England has announced it will hike interest rates to their highest in more than 13 years, from 1.75% to 2.25%.

The bank also indicated it believes the economy is already in recession. The central bank had previously projected the economy would grow in the current financial quarter but said it now believes Gross Domestic Product (GDP) will fall 0.1%.

It comes after a reported 0.2% fall in GDP in the second quarter and would mean the economy is currently in recession, defined as a fall in GDP in two successive quarters. READ MORE: What the hike in interest rates means for you and your wallet After the announcement, Martin Lewis took to Twitter to explain how this would impact your mortgage and savings.

He pointed out that this raise will bring interest rates up to their highest point since 2008. How the rise will impact you depends on the type of mortgage you have, according to Martin.

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