The Bank of England just raised interest rates. What does that mean for your UK savings and mortgage?
1 year, 9 months ago

The Bank of England just raised interest rates. What does that mean for your UK savings and mortgage?

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. The 11th consecutive increase in a row by members of the Monetary Policy Committee brings the Bank’s base rate to 4.25 per cent, its highest level since October 2008. According to experts at Moneyfacts, a rate rise of 0.25 percentage points on the current average standard variable rate of 7.12 per cent would add about £772 onto total repayments over two years on a £200,000 25-year loan. Experts say that for anyone with a variable rate loan, now might be a good time to opt for a fix, because the average fixed-rate mortgage cost is at its lowest in six months but the base rate could yet rise again this year. The base rate rise offers hope for savers of slightly higher returns, although cash savings are still being eroded in real terms by high inflation.

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History of this topic

Analysis: What does the Bank of England’s interest rate decision mean for mortgages?
3 weeks ago

Analysis: What does the Bank of England’s interest rate decision mean for mortgages?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Bank of England held …

Bank of England holds interest rates at 4.75% but says UK economy stagnating
3 weeks ago

Bank of England holds interest rates at 4.75% but says UK economy stagnating

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy UK interest rates have been …

UK interest rates held at 4.75% amid ‘heightened economic uncertainty’
3 weeks ago

UK interest rates held at 4.75% amid ‘heightened economic uncertainty’

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Bank of England has …

Bank of England HOLDS interest rates despite UK economy stalling after Labour's Budget raid - with fears over resurgent inflation
Trending News
3 weeks ago

Bank of England HOLDS interest rates despite UK economy stalling after Labour's Budget raid - with fears over resurgent inflation

Daily Mail  

The Bank of England kept interest rates on hold today despite mounting alarm at the stalling economy. Interest rates, which influence how much banks charge for loans and mortgages, are used as a tool by the central bank to keep inflation at its 2 per cent target level. Most economists had thought the latest data, and the prospect of price …

Interest rates held at 4.75%: What it means for your mortgage and savings
3 weeks ago

Interest rates held at 4.75%: What it means for your mortgage and savings

Daily Mail  

The Bank of England has opted to hold the base rate at its current level, meaning interest rates will finish the year at 4.75 per cent. Today's decision to hold the base rate at 4.75 per cent may seem like bad news for mortgage borrowers, many of whom will be desperate for their monthly costs to fall. Tracker rates follow …

Bank of England warns of ‘heightened uncertainty’ as it keeps interest rates on hold
3 weeks ago

Bank of England warns of ‘heightened uncertainty’ as it keeps interest rates on hold

Associated Press  

LONDON — The U.K.’s central bank warned Thursday of “heightened uncertainty” as it kept interest rates on hold after inflation moved further above target, even at a time when the British economy is flatlining at best. The Bank of England’s nine-member Monetary Policy Committee kept its main interest rate unchanged at 4.75% with new data showing inflation rising to 2.6%, …

Bank of England set to keep UK interest rates on hold despite paltry economic growth
3 weeks ago

Bank of England set to keep UK interest rates on hold despite paltry economic growth

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The U.K.'s central bank is …

Interest rates live updates: Bank of England verdict due after surprise inflation rise
Top News
3 weeks ago

Interest rates live updates: Bank of England verdict due after surprise inflation rise

The Independent  

Chancellor of the exchequer Rachel Reeves said the figures are a ‘reminder that for too long the economy has not worked for working people For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN …

Bank of England set to keep interest rates on hold TODAY despite UK economy stalling after Labour's Budget raid - with fears over resurgent inflation
Top News
3 weeks ago

Bank of England set to keep interest rates on hold TODAY despite UK economy stalling after Labour's Budget raid - with fears over resurgent inflation

Daily Mail  

The Bank of England is set to keep interest rates on hold today despite mounting alarm at the stalling economy. Interest rates, which influence how much banks charge for loans and mortgages, are used as a tool by the central bank to keep inflation at its 2 per cent target level. Rob Wood, chief UK economist for Pantheon Macroeconomics, said: …

UK interest rates set to be held at 4.75% after inflation rises again
3 weeks, 1 day ago

UK interest rates set to be held at 4.75% after inflation rises again

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy UK interest rates are expected …

Inflation rates live: Bank of England expected to hold interest rates at 4.75 per cent
Top News
3 weeks, 1 day ago

Inflation rates live: Bank of England expected to hold interest rates at 4.75 per cent

The Independent  

Chancellor of the exchequer Rachel Reeves said the figures are a ‘reminder that for too long the economy has not worked for working people For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN …

Inflation analysis: Prices rising faster means higher borrowing costs for longer amid recession fears
3 weeks, 1 day ago

Inflation analysis: Prices rising faster means higher borrowing costs for longer amid recession fears

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The faster price gains for consumer goods like food …

What does rising inflation mean for you - and has it killed off a Bank of England interest rate cut?
3 weeks, 1 day ago

What does rising inflation mean for you - and has it killed off a Bank of England interest rate cut?

Daily Mail  

Inflation in the UK climbed to 2.6 per cent in November, it was revealed today, as the rise in the cost of living accelerated again. James Smith, developed markets economist, UK, at ING, said: 'Our base case is for back-to-back to rate cuts from February onwards, with Bank Rate falling to 3.25 per cent later in the year. While services …

U.K. Inflation rises further above Bank of England's target in November
3 weeks, 1 day ago

U.K. Inflation rises further above Bank of England's target in November

The Hindu  

Inflation in the U.K. has risen to its highest level since March, driven by an increase in fuel prices last month, official figures showed on Wednesday. Rate-setters had anticipated a pick-up in inflation when the central bank last cut rates in early November as price pressures eased earlier in the year — in September, inflation had fallen to its lowest …

UK inflation increase solidifies expectations interest rates will be kept on hold
3 weeks, 1 day ago

UK inflation increase solidifies expectations interest rates will be kept on hold

Associated Press  

LONDON — Inflation in the U.K. rose to its highest level in eight months during November, official figures showed Wednesday, a development that has cemented market expectations that the Bank of England will opt against cutting borrowing costs this week. It said stubbornly high inflation in the crucial services sector, which accounts for around 80% of the U.K. economy, and …

Surge in wages means beleaguered borrowers must wait for interest rates cut
Trending News
3 weeks, 2 days ago

Surge in wages means beleaguered borrowers must wait for interest rates cut

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Bank of England is …

Bank of England expected to hold interest rates after jump in inflation
3 weeks, 6 days ago

Bank of England expected to hold interest rates after jump in inflation

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Bank of England is …

A major bank just cut its mortgage rates by up to 0.39%: Will they fall further?
1 month ago

A major bank just cut its mortgage rates by up to 0.39%: Will they fall further?

Daily Mail  

A major high street bank has announced it will cut mortgage rates by up to 0.39 percentage points. At present, the lowest five-year fix on offer via a major lender is a 4.14 per cent rate with Nationwide Building Society. Speaking to the Global Boardroom conference with the Financial Times, Andrew Bailey confirmed the Bank of England's central forecast of …

UK interest rates to fall more slowly than expected after Budget – OECD
1 month ago

UK interest rates to fall more slowly than expected after Budget – OECD

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy UK interest rates will fall …

Energy costs push UK inflation to 2.3 percent
1 month, 2 weeks ago

Energy costs push UK inflation to 2.3 percent

China Daily  

Inflation in the United Kingdom increased to 2.3 percent in October, putting pressure on the Bank of England to wait until next year before making additional interest rate cuts. Figures released by the Office for National Statistics, or ONS, on Wednesday showed that surging household energy costs pushed the consumer price index higher, breaking the pattern of declining inflation rates …

The shock rise in inflation spells bad news for mortgages
1 month, 2 weeks ago

The shock rise in inflation spells bad news for mortgages

The Independent  

A mere month after inflation undershot the Bank of England’s 2 per cent target, it’s back up again – in the sharpest spike in two years. The Consumer Prices Index jumped to 2.3 per cent in October, against 1.7 per cent the previous month, dealing a death blow to any hopes of a second straight interest rate cut in December. …

What rising inflation means for you: HUGO DUNCAN on why it dashes hopes of a Christmas Bank of England rate cut
1 month, 2 weeks ago

What rising inflation means for you: HUGO DUNCAN on why it dashes hopes of a Christmas Bank of England rate cut

Daily Mail  

There will be no early Christmas present from the Bank of England. The jump in inflation announced today – from 1.7 per cent in September to 2.3 per cent in October – has dashed any lingering hopes of another interest rate cut this year. Inflation spiked to 2.3 per cent in October as fears grow over the impact of the …

Mortgage rates below 4% disappear: Why are they going up as interest rates fall?
1 month, 3 weeks ago

Mortgage rates below 4% disappear: Why are they going up as interest rates fall?

Daily Mail  

Mortgage rates continue to rise despite the Bank of England cutting interest rates last week. Going up: Mortgage rates are rising because markets now think interest rates will stay higher for longer, with inflation also forecast to remain higher than previously expected Only a couple of months ago, there were more than a dozen banks offering sub-4 per cent rates. …

Three major banks hike fixed rate mortgages: Why are costs RISING after the Bank of England cut?
1 month, 4 weeks ago

Three major banks hike fixed rate mortgages: Why are costs RISING after the Bank of England cut?

Daily Mail  

Three of Britain's biggest mortgage lenders are increasing rates, despite the Bank of England cutting interest rates last week. Last week, TSB and Santander were among a number of lenders to announce they were cutting mortgage rates across tracker and variable rate deals, in response to the Bank of England cutting base rate from 5 per cent to 4.75 per …

Bank of England cuts interest rates to 4.75% – but mortgages still set to rise
2 months ago

Bank of England cuts interest rates to 4.75% – but mortgages still set to rise

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. open image in gallery Mortgage repayments are set to fall But the Bank’s Monetary …

The interest rate cut is good news for mortgage payers – they need more
2 months ago

The interest rate cut is good news for mortgage payers – they need more

The Independent  

After a turbulent few weeks, the Bank of England delivered a soothing balm to Britain’s hard-pressed borrowers with a quarter-point cut in interest rates. The Budget also pushed the City’s interest rate swaps market higher – and it is this rather than base rates that governs the price of most popular types of mortgage: two or five year fixes. “Borrowers …

Bank of England cuts interest rate to 4.75% as UK inflation drops, but economic uncertainty looms
Top News
2 months ago

Bank of England cuts interest rate to 4.75% as UK inflation drops, but economic uncertainty looms

Firstpost  

From the start of the year to September, UK inflation stood at 1.7 per cent, its lowest level since April 2021 and below the central bank’s target rate of 2 per cent The Bank of England cut its main interest rate by a quarter of a percentage point on Thursday after inflation across the UK fell below its target rate …

How will the interest rate cut affect you? From inflation to mortgages
2 months ago

How will the interest rate cut affect you? From inflation to mortgages

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. High interest rates encourage saving because people get a better return for the money …

Boost for Brits as Bank of England trims interest rates from 5% to 4.75%... but will hopes of 'aggressive' cuts be dashed by Labour's big-spending Budget?
Top News
2 months ago

Boost for Brits as Bank of England trims interest rates from 5% to 4.75%... but will hopes of 'aggressive' cuts be dashed by Labour's big-spending Budget?

Daily Mail  

The Bank of England cut interest rates today - amid fears the big-spending Budget will keep borrowing costs higher in future. Tim Moore, economics director at S&P Global Market Intelligence, said: 'October data signalled another slowdown in output growth across the service sector as heightened business uncertainty and concerns about the general UK economic outlook had an adverse impact on …

Brits hope for mortgage relief with Bank of England poised to cut interest rates TODAY… but fears big-spending Budget could keep borrowing costs higher for years
2 months ago

Brits hope for mortgage relief with Bank of England poised to cut interest rates TODAY… but fears big-spending Budget could keep borrowing costs higher for years

Daily Mail  

The Bank of England is poised to cut interest rates today - but could signal that the big-spending Budget will keep borrowing costs higher in future. Threadneedle Street's decision could be swayed by grim figures this week showing growth in the UK services sector slowing to its lowest rate in nearly a year. Tim Moore, economics director at S&P Global …

Bank of England cuts UK interest rates again despite modest budget-related inflation spike
2 months ago

Bank of England cuts UK interest rates again despite modest budget-related inflation spike

Associated Press  

LONDON — The Bank of England cut its main interest rate by a quarter of a percentage point to 4.75% on Thursday after inflation across the U.K. fell significantly, relieving some pressure on borrowers who have faced elevated mortgage and loan costs. Though inflation has fallen below the bank’s target of 2%, Governor Andrew Bailey cautioned that interest rates would …

Bank of England poised to cut UK interest rates for second time this year
Top News
2 months ago

Bank of England poised to cut UK interest rates for second time this year

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy UK borrowing costs are set …

UK's central bank cuts interest rate
2 months ago

UK's central bank cuts interest rate

China Daily  

By Earle Gale in London | chinadaily.com.cn | Updated: 2024-11-07 22:35 Pedstrians pass the Bank of England, Britain's central Bank, in London, on November 7, 2024. The United Kingdom's central bank, the Bank of England, or BoE, cut its base interest rate on Thursday, to 4.75 percent from 5 percent, in a move seen as a declaration that rampant inflation …

Bank of England poised to cut UK interest rates for second time this year
2 months ago

Bank of England poised to cut UK interest rates for second time this year

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy UK borrowing costs are set …

Bank of England rate cut expected despite ‘fiscal loosening’ of Budget
2 months, 1 week ago

Bank of England rate cut expected despite ‘fiscal loosening’ of Budget

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Bank of England is …

Autumn Budget 2024: What will it mean for my mortgage?
2 months, 1 week ago

Autumn Budget 2024: What will it mean for my mortgage?

The Independent  

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Mortgage approvals jump but housing market on ‘tenterhooks’ ahead of Budget
2 months, 1 week ago

Mortgage approvals jump but housing market on ‘tenterhooks’ ahead of Budget

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The number of mortgage approvals …

UK interest rates will drop to 2.75 per cent, Goldman Sachs predicts
2 months, 2 weeks ago

UK interest rates will drop to 2.75 per cent, Goldman Sachs predicts

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy UK interest rates will almost …

Reeves’s Budget to keep interest rates higher for longer, say economists
2 months, 2 weeks ago

Reeves’s Budget to keep interest rates higher for longer, say economists

The Telegraph  

Rachel Reeves’s plans for increased borrowing and spending will force the Bank of England to hold interest rates higher for longer, leading economists have said. Pantheon Macroeconomics said that rates would be 0.25 to 0.5pc percentage points higher during the next financial year as a result of the Chancellor’s looser fiscal policy. Economists Robert Wood and Elliott Jordan-Doak said: “The …

Interest rate cut ‘nailed on’ after UK inflation falls to three-year low
2 months, 3 weeks ago

Interest rate cut ‘nailed on’ after UK inflation falls to three-year low

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A fall in UK inflation …

Bank of England could be ‘more aggressive’ with interest rate cuts, says governor
3 months ago

Bank of England could be ‘more aggressive’ with interest rate cuts, says governor

The Independent  

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Bank says interest rates could be cut ‘gradually’ after holding at 5%
3 months, 2 weeks ago

Bank says interest rates could be cut ‘gradually’ after holding at 5%

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Bank of England has …

UK interest rates live: Bank of England holds at 5% after shock US Fed cut
3 months, 3 weeks ago

UK interest rates live: Bank of England holds at 5% after shock US Fed cut

The Independent  

✕ Close Inflation set to remain above 2% target in August, say experts Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates …

UK interest rates kept at 5% as Bank of England says ‘vital’ inflation stays low
3 months, 3 weeks ago

UK interest rates kept at 5% as Bank of England says ‘vital’ inflation stays low

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Bank of England has …

Bank of England widely expected to hold interest rates despite big US Fed cut
3 months, 3 weeks ago

Bank of England widely expected to hold interest rates despite big US Fed cut

The Independent  

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Bank of England poised to hold interest rates at 5%, economists say
3 months, 3 weeks ago

Bank of England poised to hold interest rates at 5%, economists say

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Bank of England is …

Interest rate cuts push house prices to a two-year high – but there is trouble brewing in the market
4 months ago

Interest rate cuts push house prices to a two-year high – but there is trouble brewing in the market

The Independent  

The housing market is getting toasty. The latest figures issued by lender Halifax found prices increased by 0.3 per cent in August, bringing them to a two year high. Guy Gittins, the CEO off Foxtons, said: “We’re seeing more enquiries and more offers made, with buyers also acting with greater confidence since interest rates were cut at the start of …

Mortgage approvals for house purchase jump to highest levels since mini-budget
4 months, 1 week ago

Mortgage approvals for house purchase jump to highest levels since mini-budget

The Independent  

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. The jump …

Bank of England lowers benchmark rate to 5 pct, first cut in 4 years
5 months, 1 week ago

Bank of England lowers benchmark rate to 5 pct, first cut in 4 years

China Daily  

LONDON -- The Bank of England has voted to cut its benchmark interest rate to five percent, the United Kingdom's central bank said in a statement on Thursday. At a meeting on Wednesday, the BoE's Monetary Policy Committee voted by a majority of 5-4 to reduce the interest rate by 0.25 percentage point, to 5 percent. This is BoE's first …

Bank of England lowers benchmark rate to 5 pct, first cut in 4 years
5 months, 1 week ago

Bank of England lowers benchmark rate to 5 pct, first cut in 4 years

China Daily  

LONDON -- The Bank of England has voted to cut its benchmark interest rate to five percent, the United Kingdom's central bank said in a statement on Thursday. At a meeting on Wednesday, the BoE's Monetary Policy Committee voted by a majority of 5-4 to reduce the interest rate by 0.25 percentage point, to 5 percent. This is BoE's first …

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