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Why interest rates matter
The Bank of England sets the UK's main interest rate. This influences how much banks charge you for loans and mortgages, and how much they pay on your savings. Higher rates can curb inflation but make borrowing more expensive. The Bank is cautious, waiting to see how global events unfold before making changes.
Stories that explain this
Pound falls to one-week low as traders doubt interest rates will rise UK inflation hits 2.9%, but the pound still gains Pound climbs to $1.3560 against the dollar before new UK economic dataRelated explainers
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