What the Bank of England’s base rate rise means – in numbers
The interest rate going up to 1% has implications for borrowers and savers. Here’s how it could affect you
The Bank of England has increased the base rate to 1% in an attempt to curb inflation. It’s the fourth increase since the start of December, when the base rate was at 0.1%. Here, in numbers, is what it could mean for your finances:
2009 The last time the Bank base rate was 1%. It was cut from 1.5% to 1% in February that year as the credit crunch took hold. The next month it was reduced to 0.5%, where it stayed until August 2016, and it was then cut to offset the impact of the Brexit vote on the economy. UK borrowers have lived through 13 years of very low interest rates.
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