News 11

Bank of England raises interest rates to 4% for tenth time in a row

Interest rates have risen for the tenth time in a row, putting further pressure on mortgage borrowers. On Thursday, 2 February, Bank of England decision makers on the Monetary Policy Committee (MPC) hiked the base rate from 3.5 to 4.5 per cent to help bring down double-digit inflation. The UK is still heading for a recession, but it’s expected to be shorter and milder than previously projected, according to the Bank. GDP is expected to fall by 0.5% over this year, and by 0.25% in 2024, but predicted to pick up to almost 1% by 2025. Watch more videos at the Independent TV: Click here to subscribe to The Independent: About The Independent: Making Change Happen. The Independent is the world’s most free-thinking newsbrand, providing global news, commentary and analysis for the independently-minded. Connect with The Independent: Check out our full video catalog: Videos, daily editorial and more: Click here to get the best of The Independent daily: Like The Independent on Facebook: Follow The Independent on Twitter: Follow The Independent on Instagram: Download the iOS & Android app: Help to support truly independent journalism. Every dollar you contribute will directly fund additional special reports and investigations from a free-thinking, award-winning newsroom you can trust - Subscribe to Independent Premium for exclusive content & live events:
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