Three ways the interest rate rise could affect you

The Bank of England has increased interest rates by 0.25 percentage points, bringing the base rate to 4%. This represents the first rate rise in more than three years, which will result in millions of households facing a sharp increase in mortgage payments. Beyond mortgages, the Bank of England announcement indicates that this rise in interest rates will also impact various other financial areas, specifically affecting jobs, loans, and savings for individuals across the country.