Bank of England raises interest rate to 4%

The Bank of England has increased its policy interest rate to 4%, with all nine Monetary Policy Committee members supporting the decision.

The Bank of England raised its rate to 4%.

This was the first rise since mid-2023.

Mortgage costs may change. Tracker payments may rise soon.

Variable-rate payments may rise later.

Fixed-rate borrowers have no first rise. Their payments may rise when deals end.

UK Finance said tracker borrowers may pay £30.72 more each month.

Section: Business

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