What the Bank of England's rise means for you

What the Bank of England"s rise means for you

Interest rates have risen for a seventh time in a row with the Bank of England"s benchmark rate at its highest level for 14 years.

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The Bank of England has increased rates by half a percentage point to 2.25%.

The move is an attempt to slow the rate of rising prices. The last time interest rates were this high was during the 2008 financial crisis.

The increase will mean pain for many borrowers, particularly those with a mortgage.

Why does raising interest rates help lower inflation?

Prices are going up quickly worldwide, as Covid restrictions have been eased and consumers spend more.

Many firms have problems getting enough goods to sell. And with more buyers chasing too few goods, prices have risen.

There has also been a very sharp rise in oil and gas costs - a problem made worse by Russia"s invasion of Ukraine.

One way to try to control rising prices - or inflation - is to raise interest rates.

This increases the cost of borrowing and encourages people to borrow less and spend less. It also encourages people to save more.

How high could interest rates go?

Even after the latest rise, further increases are also expected later in the year and into 2023.

Last year, the Office for Budgetary Responsibility (OBR) - the government"s independent economic adviser - looked at what might happen if the UK were to experience higher and longer lasting inflation.

This can happen when people think price rises will continue - businesses raise prices to keep making a profit and workers demand wage increases to keep up.

If this happens UK interest rates could hit 3.5%, the OBR said. Many analysts have predicted interest rates could hit 4% or more.

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