interest rates

Interest rates reach highest level in nearly a decade

The Bank of England has hiked interest rates to their highest level since March 2009.

The Bank has raised its base rate by 0.25 per cent to 0.75 per cent after a unanimous decision by the Monetary Policy Committee.

The move will affect homeowners with variable mortgage rates who will see their monthly repayments increase, while savers will be hoping to be rewarded with an increase in the interest they can earn on money in the bank.