Why have interest rates gone up?

Lets explore, why have interest rates gone up?

On Thursday 11th May 2023, the Bank of England raised interest rates (Bank Rate) by 0.25 percentage points to 4.5%.

This interest rate influences many other rates in the UK, including those you might have for a loan, mortgage or savings account.

We’ve found an article from the Bank of England that explains how high interest rates will go, how the rises will affect you and how higher interest rates help bring down inflation.

Get in touch if you would like to discuss this in more detail.