Image source, Getty Images- Published5 November 2026, 12:02 GMT
Interest rates have been raised for the first time in more than three years - and it could be good and bad news for you.
Here are three ways the increase to 4% from 3.75% could affect you.
1. Jobs and pay
Rate-setters at the Bank make changes to interest rates to fulfil their role of keeping price rises at a steady level.
Higher rates are meant to encourage people to spend less, reducing demand for goods and services and limiting price rises.
