Interest rate in the UK rises to 5.25%

The UK’s interest rate has been raised to 5.25% by the Bank of England, as it continues trying to control soaring prices.

This means the Bank has increased the rate by 0.25% from 5% – the 14th hike in a row.

The last time the base rate was this high was in April 2008.

The Bank’s base rate influences the cost of borrowing – meaning an increase can lead to more expensive mortgages. But it can be good news for savers, as banks may offer greater returns on savings accounts.

Higher interest rates are designed to cut inflation, by reducing borrowers’ spending power.

While the UK inflation rate is falling, it is still high at 7.9% in the year to June.

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