'This is a slight improvement on the bleakness of the situation only a few months ago.' Sky's economics and data editor EdConwaySky gives his analysis on the BoE's decision to raise the interest rate from 3% to 3.5%. 📺 Sky 501 and YouTube
The Bank of England has revealed a 0.5 percentage point interest rate increase - its ninth consecutive rise as it maintains its battle against inflation.
Two backed no change while one, the economist Catherine Mann, sought a repeat of November's hike. The rest including governor Andrew Bailey all supported the 0.5 percentage point rise.measure had peaked, the bank is still raising its interest rate because inflationary pressures remain in the economy despite its assertion the UK is already in recession.
Financial information firm Moneyfacts said a Bank rate rise of 0.5 percentage points on the current average SVR of 6.40% would add approximately £1,509 onto total repayments over two years.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Millions face £3,000 bill rise as Bank of England set to hike ratesMILLIONS of households face £3,000 a year bill hikes as interest rates are set to rise again this week. Four million mortgage holders are set to see their monthly payments jump by the end…
Read more »
Bank of England interest rates raised to 3.5 per cent reaching 14-year highBank of England interest rates have been raised to 3.5 per cent, reaching a 14-year high.
Read more »
The scary reason pilots don't say certain numbers during flightsAN AIR traffic controller has revealed why pilots avoid saying some numbers over the radio. There’s a very simple reason why some numbers aren’t used by pilots, as people on two planes …
Read more »
Sainsbury’s recall certain item as fears rise amid salmonella warningThe Food Standards Agency has alerted Sainsbury's customers and advised them not to eat the contaminated product, and to instead return it to the store for a full refund.
Read more »
Cops urge people to avoid frozen Glasgow canal after deaths of boys in EnglandCops are urging people in Glasgow to avoid the canal which has frozen due to cold weather.
Read more »
FA identify next England boss if Southgate quits with Gerrard, Lampard 'deemed not good enough' - Football365Bullingham ‘would be forced to turn to Northern Irishman Rodgers in the hope he would be interested in the England job’...
Read more »