Bank of England Increases Interest Rates
Date: 11 January 2007
In a very surprising move (and the third since August 2006), the Bank of England increased interest rates by 0.25% to 5.25%. The City was stunned by the increase which was expected in February or March 2007.The cost of an interest-only loan of £100,000 will now increase by more than £20 per month. The Bank of England's monetary committee said the early rise was needed to cool down the UK economy and bring inflation back under control.
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