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With the Bank of England interest rate rise, the first in more than 10 years, the official bank rate has been lifted from 0.25% to 0.5%, to the rate before Brexit. It is estimated that there may be further interest rate rises over the next 3 years as outlined by Bank of England governor, Mark Carney.

The impact of which will affect approximately four million households facing higher mortgage interest payments, but this is balanced by the marginal increase for savers and those considering buying an annuity for their pension.