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Bank of England increases interest rates to 2.25%

The Bank of England has increased interest rates from 1.75% to 2.25%. This is the seventh consecutive interest rate rise and sees interest rates move to their highest level since 2008.

These recent increases in interest rates are an attempt to control the soaring cost of living.

The Bank of England’s Monetary Policy Committee (MPC), who set interest rates voted as follows:

    • 5 members voted to move interest rates to 2.25%.
    • 3 members voted to move interest rates to 2.5%
    • 1 member voted to move interest rates to 2%

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 on investments, pensions and mortgages.

Please feel free to explore our website and discover more about the advice services we offer.

All information is correct as at 22/09/22.

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