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UK interest rates rise for first time in 10 years

For the first time in more than 10 years, the Bank of England has raised interest rates. The official bank rate has been lifted from 0.25% to 0.5%, the first increase since July 2007.

It is likely to rise twice more over the next three years, according to Bank of England governor Mark Carney. The move reverses the cut in August of last year, which was made in the wake of the vote to leave the European Union. Almost four million households face higher mortgage interest payments after the rise, but it should give savers a modest lift in their returns. As well as many of the country’s 45 million savers, anyone considering buying an annuity for their pension will also see better deals.