The Bank of England increased interest rates by 0.25 per cent to 4.25 per cent on March 23, following a surprising jump in inflation.

The increase put interest rates at their highest level since the 2008 financial crisis, as the Bank continues to fight inflation.

It was the Bank’s 11th interest rate rise in a row since it started tightening policy in December 2021, and increased the pressure on homeowners and businesses.

When is the next interest rates announcement?

The next interest rates announcement will be made on Thursday May 11.

The Monetary Policy Committee will share its MPC Summary and minutes, including the current interest rates.

When was the last interest rates announcement?

The last announcement was made on March 23, when the MPC announced that the bank rate was 4.25 per cent, up from 4 per cent.

Will interest rates go up?

Interest rates are expected to increase in 2023. Find out more about why interest rates rise in our guide.

Since December 2021, the Bank of England has increased its interest rate from 0.1 per cent to 4.25 per cent.

Money to the Market reports that the market predicts that interest rates will rise to as high as 4.8 per cent by July of this year.

Meanwhile, MoneyWeek reports that markets are expecting interest rates to rise to 5.25 per cent.

Capital Economics is predicting that the interest rate will rise to four per cent on Thursday, before reaching a peak of 5 per cent this year.