UK interest rate hike – latest: Bank of England set to report biggest hike in 33 years

Published by
Peter Kavinsky

What are interest rates and why are they going up?

An interest rate is a measure of how high the cost of borrowing money is or how high the rewards of saving are.

If you are borrowing money, usually from a bank, the interest rate on that money is the amount you will be charged for the loan.

It is a charge on the total loan amount and will be shown as a percentage of the total.

More colleague Holly Bancroft have more:


Good Morning

Good morning and welcome to The Independent’s ongoing coverage of the Bank of England’s interest rate announcement.

Analysts expect the rate to be increased by at least 0.5 percent, possibly 0.75 percent, in what would be the biggest increase in about 30 years.

The Bank’s announcement is expected around noon. We’ll bring you all the latest news and reactions as they come.

Peter Kavinsky

Peter Kavinsky is the Executive Editor at

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