Bank of England Interest Rate Increase

Monday 11th May 2023 | Bank of England Greenlights 12th Consecutive Interest Rate Increase

The Bank of England's decision to increase interest rates again, to the highest level since October 2008, comes as the central bank continues to grapple with inflationary pressures. 

It is continued battle against spiralling costs, the Bank of England has announced a 0.25% rise in interest rates today, from 4.25% to 4.5%. 

This marks the 12th consecutive increase to the base rate and is its highest level since 2008. The move comes amid continued concerns over stubbornly high inflation and the ongoing cost-of-living crisis ravaging the UK economy. 
 

• Variable/tracker rate repayment mortgages will rise to £12/mth (£150/yr) per £100,000 of your mortgage (you can check this using the mortgage calculator free online)
   
• Existing fixed mortgages won't change. New cheap fixed rates have already baked rises in and are in fact lower than cheap tracker rates, likely indicating markets think future rates will be lower.