Interest Rates up for third time this year

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November 8, 2006 THE Bank of England Monetary Policy Committee have announced a 0.50 per cent interest rate rise today, bringing the official interest rate to 5.25 per cent.

The rise will increase the price of a £100,000 loan by £160 per month.

The MPC justified the rise as a response to the increasing pace of inflation. "The UK economy has recorded its fourth consecutive quarter of firm growth. Household spending has been volatile, but the underlying picture appears to be one of moderate expansion."

[] Sources

"Bank hikes rates to 5%"