In the UK, the Bank of England has raised interest rates from 0.25% to 0.50%, the first increase since July 2007 and it is likely to rise twice more over the next three years, according to Bank of England governor Mark Carney, said media news report.
Reportedly, almost four million households face higher mortgage payments after the rise, but it should give savers a modest lift in their returns and many of the country’s 45 million savers. Anyone considering buying an annuity for their pension will also see better deals, but the main losers will be households with a variable rate mortgage, said media news report.
-AENNS- 3/11/2017