The Bank believes a squeeze on living standards, driven by soaring energy prices, is set to intensify and push the UK economy into recession later this year.

Bank of England forecasts a recession in the UK as inflation tops 10%

The Monetary Policy Committee voted 8 - 1 to increase Bank Rate in March, for the third time in four months, to 0.75%.

Bank hikes interest rates again as war in Ukraine forces inflation higher

Shoppers wearing face masks walk through Birmingham city centre. It has been announced that in England no further coronavirus restrictions will be introduced before the new year. Picture date: Tuesday December 28, 2021.  Jacob King/PA


Interest rates are rising for the second time in three months. Business Editor Joel Hills explains what this means for homeowners and our living standards.

UK experiencing the worst hit to household spending power for 30 years

The Bank of England moved to put up interest rates because it is worried about the pace at which prices are rising.

Bank of England moves to contain inflation with interest rate rise

The bank's monetary policy committee (MPC) of nine members voted eight to one in favour of increasing the interest rates for the first time in three years. 

Bank of England raises interest rates to 0.25% from 0.1%

The Bank of England has decided to keep Bank Rate on hold at 0.1% but it is stating very clearly that interest rate rises are imminent.

Bank of England says interest rates rises 'necessary over coming months' 

It said the economic shock from Covid-19 ‘could prove sharp and large, but should be temporary’.

Bank slashes interest rates to 0.25% to protect economy during virus outbreak

In the face of intensifying uncertainty surrounding Brexit, the Bank of England has decided to sit on its hands.

Bank of England predicts one in three chance of recession

With so much up in the air, the Bank of England’s Monetary Policy committee has decided to sit on its hands.

Businesses prepare for the worst as Bank keeps rates on hold

The Bank has downgraded its growth forecast for the British economy as uncertainty over Brexit intensifies. But will it change opinion?

Bank predicts weakest growth in a decade as Brexit uncertainty intensifies

Interest rates remain on hold at 0.75% but anything could happen next. The great unknown is Brexit.

Rates on hold but anything could happen next

 It should help protect the value of money in the bank but it will also make mortgage debt in particular more expensive to service.

Why the era of cheap money is coming gradually to an end

The move sees rates reach their highest level since March 2009, when they were slashed from 1% to the emergency low of 0.5%.

Interest rates rise will put people into hardship, Carney admits

The predicted increase from 0.5% to 0.75%, would mark only the second rise since the financial crisis.

Bank of England set to raise rates to highest level since 2009

The Bank of England is predicted to increase rates in what would mark only the second rise since the financial crisis struck.

Interest Rates

Latest Stories

Bank of England forecasts a recession in the UK as inflation tops 10%

Bank hikes interest rates again as war in Ukraine forces inflation higher

UK experiencing the worst hit to household spending power for 30 years

Bank of England moves to contain inflation with interest rate rise

Bank of England raises interest rates to 0.25% from 0.1%

Bank of England says interest rates rises 'necessary over coming months'

Bank slashes interest rates to 0.25% to protect economy during virus outbreak

Bank of England predicts one in three chance of recession

Businesses prepare for the worst as Bank keeps rates on hold

Bank predicts weakest growth in a decade as Brexit uncertainty intensifies

Rates on hold but anything could happen next

Why the era of cheap money is coming gradually to an end

Interest rates rise will put people into hardship, Carney admits

Bank of England set to raise rates to highest level since 2009

Bank of England set to raise rates to highest level since 2009