Bank of England raises interest rates to 4% - this is what it could mean for you

The Bank of England has raised interest rates from 3.5% to 4% as the cost of living crisis continues in the UK. This is the 10th consecutive rise and the highest rates have been for 14 years.

Interest rates were most recently increased in December from 3% to 3.5%. Rises have been consecutive since December 2021.