London: The interest rate in Britain has reached the highest level in 15 years. There has been a big increase in interest rates in the UK. The Bank of England has increased interest rates by a lump sum of 50 basis points.
According to British media reports, the Bank of England has increased the interest rate from 4.50 percent to 5 percent, after which the interest rate in the United Kingdom has reached a 15-year high. This is the 13th consecutive rate hike since December 2021.
In May, inflation in the UK remained unchanged at 8.7%, rather than easing. Borrowers and savers will be affected by changes in interest rates.
British media say that the interest rate hike has pushed the two-year fixed rate deal rate to 6.19 and the goal of the continued interest rate hike is to bring the inflation rate down to 2 percent. According to financial experts, the interest rate may increase up to 6%.