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What the Bank of England Interest Rate Increase Means for Your Mortgage

Everything from mortgages to credit card debt and pensions is impacted by the biggest rate increase since 1995.

The Bank of England in the City of London, U.K.

The Bank of England in the City of London, U.K.

Photographer: Hollie Adams/Bloomberg
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The Bank of England’s half-percentage point interest rate hike to 1.75% — the biggest increase in 27 years — will ripple through financial products from mortgages to credit card debt, pensions and savings accounts. 

With many people in the UK already juggling their budgets to cope with rampant inflation, the possibility of a recession, and high house prices and rents, Bloomberg News talked to financial advisers about how this latest development will affect your finances and what you can do about it.