For the first time in more than 10 years, the Bank of England has raised interest rates. This is the first increase since July 2007, and the interests are bound to increase twice more over the next three years. Financial analysts have jumped into the conversation debating over who are the winners and losers after the interest rate hike. When you lift interest rates that activates a chain reaction of consequences across the domestic economy. Mortgage holders and credit cardholders will be the most affected by the interest rate rise, whereas long-time savers and pension annuity applicants will strike better leads in the long run.
What to expect from the interest rate rise
