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UK interest rate rise: what the Bank of England's historic hike means for your money

By Jonquil Lowe, Senior Lecturer in Economics and Personal Finance, The Open University

The Bank of England has raised its base rate by 0.5 percentage points, the largest single upward jump in 27 years. It takes the base rate to 1.75%, its highest level since 2008. This latest interest rate hike will affect personal finances and reflects the Bank’s efforts to control rampant inflation amid the cost…

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