Bank of England hikes interest rates for tenth time in a row

Interest rates have risen for the tenth time in a row, putting further pressure on mortgage borrowers.

On Thursday, 2 February, Bank of England decision makers on the Monetary Policy Committee (MPC) hiked the base rate from 3.5 to 4.5 per cent to help bring down double-digit inflation.

The UK is still heading for a recession, but it’s expected to be shorter and milder than previously projected, according to the Bank.

GDP is expected to fall by 0.5% over this year, and by 0.25% in 2024, but predicted to pick up to almost 1% by 2025.

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