Interest rate rises for 14th time in a row
By David Wood | 3rd August 2023
The Bank of England has increased its interest rate to 5.25%, from 5% - the 14th hike in a row.
The last time rates were at 5.25% was April 2008
The Bank's base rate influences the cost of borrowing - meaning an increase can lead to more expensive mortgages. But it can be good news for savers, as banks may offer greater returns on savings accounts.
Higher interest rates are designed to cut inflation, by reducing borrowers' spending power. While the UK inflation rate is falling, it is still high at 7.9% in the year to June
Punchline will be featuring reaction to the interest rate rise from the Gloucestershire business community tomorrow.
What do you think of the latest rate rise? Is it the right thing to do? Will it hurt your business?
Contact Punchline with your views by emailing email@example.com
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