Business
'My mortgage is going up £200 a month': How rising interest rates are hitting people's pockets
With UK interest rates set to rise, mortgages, credit cards and loans could get more expensive for millions.
Topic
With UK interest rates set to rise, mortgages, credit cards and loans could get more expensive for millions.
In a CNBC interview, the policymaker expressed concern over inflation and said monetary policy will need to adjust.
The BBC's cost of living correspondent Kevin Peachey explains what the change could mean for those saving for a holiday or to buying a house.
One policymaker voted to raise the bank's key interest rate to 4.25%.
Job, loans and savings are all affected by the rise in interest rates announced by the Bank of England.
Most analysts expected the increase from 3.75% to 4%.
Homeowners can get tax relief of £3,500 on the money spent on the interstate of a mortgage.