What's happening to UK interest rates and what does it mean for mortgages?
The idea is to encourage people to spend less, reducing demand for goods and services and limiting price rises. What is happening to UK interest rates and inflation?The Bank of England's base rate rose to 5.25% in 2023. It remained at that level until August 2024, when the Bank started cutting.
- ▪The idea is to encourage people to spend less, reducing demand for goods and services and limiting price rises.
- ▪What is happening to UK interest rates and inflation?The Bank of England's base rate rose to 5.25% in 2023.
- ▪It remained at that level until August 2024, when the Bank started cutting.
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| Original publisher | BBC News — Business |
| Canonical URL | https://www.bbc.co.uk/news/articles/c3dky111m40o?at_medium=RSS&at_campaign=rss |
| Publication time | Wed, 29 Jul 2026 11:09:30 GMT |
| Retrieval time | 2026-07-29T11:11:08.322Z |
| Last seen | 2026-07-29T11:11:08.322Z |
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What's happening to UK interest rates and what does it mean for mortgages?Image source, Getty ImagesByKevin PeacheyCost of living correspondentPublished16 July 2021Updated 1 minute agoThe Bank of England is expected to hold UK interest rates at 3.75% for a fifth time, the lowest level since February 2023.Before the US-Israeli war with Iran, rates had been expected to fall in 2026, but the economic fallout from the conflict has pushed up inflation across the globe, making cuts unlikely.Interest rates affect mortgage, credit card and savings rates for millions of people.What are interest rates and why do they change?An interest rate tells you how much it costs to borrow money, or the reward for saving it.The Bank of England's base rate is what it charges other banks and building societies…
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