The Bank of England has revealed a 0.5 percentage point interest rate increase - its ninth consecutive rise as it maintains its battle against inflation.
The decision, by its monetary policy committee (MPC), took the bank rate to 3.5%.- a fresh high not seen since the 2008 financial crisis.
The move, however, represented a slowdown on the 0.75 percentage point rise that was imposed last month after inflation had leapt to a 41-year high of 11.1% on the back of rising energy and food bills.
Thursday's interest rate hike level was widely expected by economists and financial markets given the more recent easing in the consumer prices index (CPI) measure of inflation, to 10.7%, reported on Wednesday.
If you are in a Fixed Term Mortgage, you are likley not to experience any change. If you are currently in a variable rate or about to, then the rate change is likely to have an impact on your payments.
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