The Bank of England has today raised interest rates to their highest level in 13 years in an effort to tame the UK's current cost of living crisis.
Rates have increased by a quarter of a percent from 0.75% to 1% making it the first time rates have been this high since the financial crisis in early 2009.
The Bank of England’s Monetary Policy Committee (MPC) voted in favour of the rise with six votes to three with the three opposing wanting a higher rate increase to 1.25%.
It is the fourth consecutive time the rates have been raised and in the report made by the Bank of England, it warned the economy will shrink and inflation will peak at more than 10 per cent partly due to the ongoing war in Ukraine.
With some analysts predicting the interest rate could increase to as much as 3% by 2023 now is as good a time as any to ensure your finances are in order and working as hard as possible for you and your family whether this be a mortgage, loan or any savings.
As always, Steel and Co.'s professional and friendly financial advisers are on hand. Call 01502 446000 or use the contact page on this website to get in touch.