Budgets will be squeezed and the price of new and non-fixed rate mortgages will rise after the Bank of England’s surprise decision to increase the base rate to 0.25 per cent.
The decision could hit ordinary people in the pocket, as the cost of living is already on the rise, but the move is being made to try to stall inflation spiralling further.
While the rate has increased by only 0.15 per cent, it comes on top of sharp increases