Interest rate in the UK rises to 5.25%
The UK's interest rate has been raised to 5.25% by the Bank of England, as it continues trying to control soaring prices.
This means the Bank has increased the rate by 0.25% from 5% - the 14th hike in a row.
The last time the base rate was this high was in April 2008.
The Bank's base rate influences the cost of borrowing - meaning an increase can lead to more expensive mortgages. But it can be good news for savers, as banks may offer greater returns on savings accounts.
Higher interest rates are designed to cut inflation, by reducing borrowers' spending power.
While the UK inflation rate is falling, it is still high at 7.9% in the year to June.
Posted on 03.08.2023.
We provide services
Other useful articles
- Spring Statement 26 March 2025 - tax anti-avoidance measures
- Spring Statement 2025: Key Announcements and Economic Outlook
- Home Office immigration and nationality fees: 9 April 2025
- Skilled Worker salary changes – 9 April
- Protection for care workers – 9 April 2025
- Imposition of a visa regime on Trinidad and Tobago – 3pm 12.03.2025
Get specialist advice
Please contact with one of our immigration lawyers by phone +44 (0) 207 907 1460 (London), +971 509 265 140, +971 525 977 456 (Dubai) or complete our enquiry
Contact us