The Bank of England has raised its base rate from 3.75 per cent to four per cent, its first increase since August 2023.
The decision means higher repayments for tracker mortgage borrowers, while savers could benefit from better returns.
Governor Andrew Bailey warned that further rises could follow unless the conflict in the Middle East is resolved.
The Monetary Policy Committee (MPC) announced the quarter-percentage-point increase on Thursday, November 5, as rising energy prices add to inflationary pressures.
Market pricing earlier this week implied a base rate of around 4.4 per cent by May 2027 and 4.7 per cent by November 2027, peaking near 4.8 per cent in early 2028.
Read Full Article Here
