Posted: 5th June 2023

Interest Rate Raised to 3.5% by Bank of England

The Bank of England has just announced a raise in interest rates by 0.5 percentage points to 3.5%. This is in an attempt to combat the double-digit inflation currently faced by the UK, which has led to the nationwide cost of living crisis. This move was confirmed through a vote by members of the central bank's monetary policy committee after the consumer prices index (CPI) showed an annual inflation rate of 10.7% in November.

These are the highest interest rates seen in the UK since October 2008, which have surprised some who believed the country was entering a long recession. However, this action taken has marked a decrease in the pace of rate rises, as the same committee voted to increase borrowing costs by 0.75 percentage points in their November meeting.

This move correlates with analysts' forecasts, who correctly predicted that the bank's committee intended to avoid an aggressive approach to increases after witnessing a reduction in inflation rates from 11.1% in October. Newer projections suggest that we have hopefully reached the peak of price rises.

Regardless, this increase in interest rates will only put more pressure on services and especially ministers who must find a way to support households with lower food security, who will likely also struggle to afford to pay their energy bills and debts such as mortgages. Experts' conjectures speculate that the current recession will continue to last throughout most of 2023, worrying many as more individuals struggle to conserve their savings and businesses begin to abandon investment plans.

This is a very stressful time for us all, and we here at Property Hub wish you the best in this dire economic situation. If you have any worries about this situation and how it may affect the property industry, please let us know immediately and we will assist you with professional advice.

References:
The Guardian

If you have any questions, Please speak to Sachinkumar Gupta of Property Hub Ltd.

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