The Bank of England is expected to raise its base rate again today ⬇️ Here's what you need to know, explained by luciemheath
The Bank has been increasing the base rate since December 2021 when the combination of Covid-19 and the war in Ukraine caused soaring inflation in the UK and many other countries.rate of inflation fell below 10 per cent for the first time in almost one yearThe Bank of England has a target to keep inflation at 2 per cent. It’s therefore unlikely that the Bank would consider lowering its base rate until inflation is much closer to this target.The Bank of England’s base rate currently sits at 4.
The Bank is expected to continue to raise its interest rates as the year goes on, with many in the City predicting that the rate will peak at 6 per cent or higher.The Bank of England’s base rate is one of several factors that determine how much high street lenders charge in interest for mortgages.
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