UK mortgage payers hit with shock rate hike ...News

The Bank of England has raised interest rates by half a percentage point to 5% The Bank of England (BoE) raised interest rates by half a percentage point on Thursday in a larger than expected move, as the UK government is struggling to tame the country’s worst inflation since the 1980s. The BoE’s Monetary Policy Committee voted 7-2 for the increase, which brings the bank’s main rate to 5%, the highest level in 15 years and the biggest move since February. The 50 basis-point hike surprised markets, which had priced in a 25 basis-point rise. The move marked a 13th consecutive interest rate hike, as the regulator fac

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