What the interest rate rise means for you

It finally happened. The Bank of England raised interest rates for the first time in more than a decade this week. But what was the point of that rate rise? It was certainly a curiosity, coming alongside a decidedly downbeat Inflation Report. Was it to dampen inflation, to send a warning sign to borrowers, or just to put a tiny smile on beleaguered savers’ faces? On this week’s podcast, Simon Lambert, Rachel Rickard Straus and Georgie Frost look at why the Bank raised rates and what it means for you. They also dive into the really crucial question: how high will the base rate go from here and how fast will it rise? There’s also some ideas to get richer whatever happens next with interest rates, a jargon-busting look at what on earth is the bank of England talking about in its reports, and tips on how to find the best savings account… while one of the worst is shamed. And it’s not all interest rates, we’ve also got the state pension trap for those trying to boost payouts and the intriguing question of whether someone has to pay tax on an astonishing £3,995,000 profit on Bitcoin. Enjoy.