Interest rates rise for first time in a decade to 0.5%

Almost four million households face higher mortgage payments

Bank of England
The Bank of England is expected to raise rates two more times over the next three years
(Image credit: Getty)

The Bank of England has raised interest rates from 0.25% to 0.5% - dealing a major blow to millions of homeowners.

The Monetary Policy Committee voted 7-2 to increase the benchmark rate, and signalled that two more rate increases are likely before the end of 2020, The Wall Street Journal reports.

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