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What the Bank of England's rise in interest rate means for you and your money

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The Bank of England (BoE) has voted in favour of raising the Base Rate once again. In what is now the 11th consecutive increase in the country's interest rates, the Bank of England's Monetary Policy Committee has decided to raise the Base Rate from 4 per cent to 4.25 per cent.

It means the UK's interest rate is now at its highest since the early stages of the 2008 financial crisis. when it topped 4.5 per cent.

According to the Bank, seven members of the Committee voted in favour of raising the Base Rate while two voted against, hoping to maintain the rate at 4 per cent. Read more: DWP change will see thousands fast-tracked for disability benefits including PIP and DLA Minutes from the Committee's meeting state: "Global growth is expected to be stronger than projected in the February Monetary Policy Report, and core consumer price inflation in advanced economies has remained elevated.

Wholesale gas futures and oil prices have fallen materially. "There have been large and volatile moves in global financial markets, in particular since the failure of Silicon Valley Bank and in the run-up to UBS’s purchase of Credit Suisse, and reflecting market concerns about the possible broader impact of these events." The MPC said it would make a “full assessment” of recent banking woes and market volatility in its forecast in May.

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