The Bank of England has increased interest rates from 1% to 1.25%. This is the fifth. consecutive rate rise.
This increase in interest rates is an attempt to control the soaring cost of living.
The Bank of England’s Monetary Policy Committee (MPC), who set interest rates, voted 6 to 3 to increase rates to 1.25%. The remaining 3 members voted to increase rates by 0.5% to 1.5%.
Farrell Financial Planning are independent financial advisers (IFAs) based in Glasgow and do not give advice on inflation or future interest rate movements. However, we do offer independent advice of investments, pensions and mortgages.
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All information is correct as at 16/06/22.