How will interest rate rises affect you and how high can it go? Interest rates have risen sharply as the Bank of England continues to use its powers to tackle soaring prices. The Bank has increased its benchmark rate from 2.25% to 3%. That is the eighth consecutive increase since December, pushing the rate to its highest level for 14 years. It also marks the biggest single increase since 1989, and could have a big impact on the cost of living and people’s finances.
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