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Thu, 05 Nov 2026

Thu, 05 Nov 2026 Three ways the interest rate rise could affect you

Job, loans and savings are all affected by the rise in interest rates announced by the Bank of England.

* For businesses, higher rates can limit their ability to offer new jobs and wage rises, with some firms considering greater use of robots rather than workers.
* For savers, the increase in interest rates means that savings products will be more attractive, potentially resulting in better returns on savings. However, it's essential to shop around for the best possible rates, as leaving savings in an old account can result in lost opportunities.
* For homeowners with variable rate mortgages or those who track the Bank of England's rate, a rise in the base rate means an increase in monthly repayments. Around 500,000 homeowners will be affected by this change, while others on standard variable rates may also see their costs rise if lenders pass on the interest rate hike.