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Bank of England increases interest rates to 5%

The Bank of England has increased interest rates from 4.5% to 5%. This is the thirteenth 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 5%.
  • 2 members voted to keep interest rates at 4.5%.

With May’s inflation figure of 8.7% being far in excess of the Bank of England’s target of 2%, many analysts had expected an interest rate rise.  However, the fact that two members of the MPC voted against the rise, illustrates how difficult it can be to try to predict future interest rate movement.

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 22/06/23.

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