UK interest rates: What the rise means for you

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newspotted
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UK interest rates: What the rise means for you

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By Kevin Peachey
Cost of living correspondent


The Bank of England has raised interest rates for an 11th consecutive time following a surprise jump in the rate of rising prices.

The Bank rate is up from 4% to 4.25% following a meeting of the Monetary Policy Committee.

The change means an immediate impact on some borrowers and savers.

How high could interest rates go?
The Bank rate is already at its highest level for 14 years, rising consistently in response to the soaring cost of living. There was an unexpected increase in the rate of inflation - which charts rising prices - to 10.4% in the year to February, compared with 10.1% in January.

There has been a series of Bank rate increases since December 2021.

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