By Michiel Willems With the Bank of England Monetary Policy Committee confirming its base rate will rise by 0.5 per cent to 2.25 per cent, UK households face an immediate increase in interest payments of £1.65bn. Analysis of Bank of England data shows UK households are currently paying £20.25bn annually in interest payments on floating rate debt that are likely to be immediately impacted by an interest rate rise. With rates rising by 0.5 per cent, that means annual interest payments will increase to £21.9bn straight away, research from audit and tax firm Mazars shows this afternoon. “The impac…
