Interest rates set to rise once again:
The Bank of England is poised to take action against the surging prices by raising interest rates for the 13th consecutive time. Recent official data revealed that inflation remained stagnant at 8.7% in May, further necessitating the Bank's intervention. Despite ongoing debates surrounding the efficacy of interest rates as a tool to combat inflation, they continue to be the primary lever employed by the Bank. Analysts predict that the benchmark rate will increase from its current 4.5% to either 4.75% or, potentially, 5%. However, a substantial hike to 5% could raise concerns about the Bank's control over inflation. Although such a decision will likely create additional challenges for homeowners, it may present an opportunity for savers. The Bank rate is already at its highest level in approximately 15 years, having steadily risen since December 2021 in response to the mounting cost of living. The logic behind increasing interest rates is to make borrowing money more expensive,