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Explained in plain English

Who controls UK interest rates?

The Bank of England's Monetary Policy Committee sets the UK's base interest rate. They adjust it to control inflation, aiming for a 2% target. When inflation is high, they raise rates to make borrowing more expensive, which slows down spending and helps bring prices back under control. This impacts mortgage costs.

Stories that explain this

UK house prices rose just 0.5% in October, averaging £273,566

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