Higher Bank Rate with Optimism but No Time to Rest When Homeowners Could Save

For the first time in 14 years, the Bank of England’s Monetary Policy Committee (MPC) has raised the rate to 4.0%. This past Thursday, the MPC voted to increase the standard base interest rate by 0.5%. It marks the tenth consecutive meeting the rate has been increased. Despite the meeting resulting in a base rate increase, there was some optimistic news such as inflation may have peaked and a shorter recession than expected is possible.