Interest rates raised for 12th time in a row in the UK
The Bank of England has raised rates to their highest levels in almost 15 years.
The base rate has risen from 4.25% to 4.5% - the 12th successive raise in a row.
The Bank has been raising rates in an attempt to lower inflation - the rate at which prices are rising.
Rising interest rates mean monthly payments on some mortgages, loans and credit cards will go up - though some people will earn more money on their savings.
High inflation, largely driven by the soaring cost of energy, has pushed prices up leaving many people struggling with the cost of living.
Posted on May 11, 2023.