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Bank of England increases interest rates to 4.5%

The Bank of England has increased interest rates from 4.25% to 4.5%. This is the twelfth consecutive interest rate rise and brings interest rates to their highest level since 2008.

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

  • 7 members voted to move interest rates to 4.5%.
  • 2 members voted to keep interest rates at 4.25%.

Although inflation dropped from 10.4% in February to 10.1% in March, inflation is still far higher than the Bank of England’s target of 2%.

Farrell Financial Planning are independent financial advisers based in Glasgow. Farrell Financial Planning do not give advice on inflation or future interest rate movements.  However, we do offer independent advice on investments, pensions, mortgages and much more.

Why not explore our website and discover more about the advice services we offer.

All information is correct as at 11/05/23.

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