The Bank of England has increased interest rates from 3.5% to 4%. This is the tenth consecutive interest rate rise.
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%.
- 2 members voted to keep interest rates at 3.5%.
The MPC confirmed, UK domestic inflationary pressures have been firmer than expected, with both private sector regular pay growth and services CPI inflation notably higher than forecasted in their November report.
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.
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All information is correct as at 02/02/23.