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What today’s interest rate move means for you

2nd November 2017

As was widely expected, the Bank of England’s Monetary Policy Committee (MPC) today raised interest rates for the first time in 10 years. The change is a small one, moving from the all-time low base rate of 0.25% that the MPC moved to immediately following last year’s EU referendum, back up to 0.5%. Nevertheless, this could be a signal of shift in policy from the Bank which may well initiate further rate hikes in 2018 to combat a rise in inflation.

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