Bank of England increases base rate to 1%
The Bank of England's Monetary Policy Committee (MPC) voted by a majority of 6-3 to increase Bank Rate by 0.25 percentage points to 1%. The increase marks the fourth base rate rise since December 2021.
Six members of the Committee judged that a further 0.25 percentage point increase in Bank Rate to 1% was warranted at this meeting. Three members preferred a 0.5 percentage point increase.
The MPC reaffirmed its preference in most circumstances to use Bank Rate as its active policy tool when adjusting the stance of monetary policy. As Bank Rate was now being increased to 1%, and consistent with the MPC’s previous guidance, the Committee would consider beginning the process of selling UK government bonds held in the Asset Purchase Facility.
The US Central Bank announced it was increasing its benchmark interest rate yesterday by half a percentage point to a range of 0.75% to 1%.
NatWest for Intermediaries was the first large bank to announce rate increases this afternoon. The lender increased its property purchase and remortgage rates by up to 0.35%.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
As seen in
