Increase in Bank of England base rate

On 3 November 2022, the Bank Of England have raised their interest rate (Bank Rate) by 0.75 percentage points. In total, since December last year, the interest rate have changed from 0.1% to 3%.  It is expected on the 15th December, 2022 to increase again.

The interest rate influences all other rates in the UK, including those you might have for a loan, mortgage or savings account. Bank Rate is more widely known as ‘the base rate’ or just ‘the interest rate’.

The Bank of England raises the interest rate because inflation is too high. Raising interest rates is the best way we have of getting inflation down.

https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2022/march-2022

If you would like to discuss any upcoming commercial property finance to include remortgage, please call us on 0345 5050 888 or email [email protected] to book in a free consultation with one of our experienced commercial mortgage brokers.

Published 15 December 2022

Get in touch

If you would like any further information or guidance, please leave your details below and a relevant member or the team will contact you.


    Interesting Article

    Share and discuss

    Share Facebook    Share Linked In

    Latest News

    Refinancing a Commercial Property

    Refinancing a commercial property can help a business improve its cash position, release equity or move to a mortgage that better suits its plans. Before applying, it is worth understanding […]

    Read More

    The safety net every business owner overlooks: PG Insurance explained

    Running a business often means taking financial risks such as loans, credit lines &  supplier agreements  are  all part of keeping things moving. But what happens if your business can’t pay its debts? Many […]

    Read More

    Luxury Car Finance: Funding Your First Purchase or Your Next Addition

    Whether you are buying your first luxury car or adding to an existing collection, it is a significant purchase. That could mean a supercar, a high-end performance car or a […]

    Read More

    Growth lending: how businesses can fund expansion without losing momentum

    Growth is an exciting stage for any business, but it often comes with a challenge… How do you fund it properly? Whether you’re hiring new staff, investing in equipment, expanding […]

    Read More

    How Bridging Loans Can Help UK Businesses Act on Time-Sensitive Opportunities

    In business, timing can be the difference between securing a valuable opportunity and missing out. Whether a business is buying commercial property, purchasing stock at a discounted price, funding a […]

    Read More

    Unlocking the Right Development Finance: What Every Property Developer Should Know

    Whether you’re planning your first development project or managing multiple sites, one thing remains true: securing the right development finance can have a huge impact on your project’s profitability, cash […]

    Read More

    The Safety Net Every Business Owner Overlooks: Personal Guarantee Insurance Explained

    Running a business often means taking financial risks. Loans, credit facilities, supplier agreements, and growth funding can all play an important role in keeping a business moving forward. But many […]

    Read More

    Growth lending: how businesses can fund expansion without losing momentum

    Growth is an exciting stage for any business, but it often comes with a challenge… How do you fund it properly? Whether you’re hiring new staff, investing in equipment, expanding […]

    Read More

    What is Vendor Finance? A Smarter Way to Support Business Growth

    Vendor finance is a structured funding solution that allows suppliers to offer customers flexible payment terms, backed by a third-party finance provider. Instead of the supplier waiting months to be […]

    Read More

    What is Key Person Cover?

    What is Key Person Cover? A business protection policy that provides a financial safety net if a critical member of staff dies, is diagnosed with a critical illness or unable […]

    Read More