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Richard Norrington comments on the Bank of England's decision to raise interest rates

 Added: 2 November 2017

 

Richard Norrington, CEO of Ipswich Building Society, comments on today’s decision by the Monetary Policy Committee to raise the base interest rate by 0.25% to 0.5%

"Today’s rate change is likely to be good news overall for savers, while mortgage-holders may react with some concern. However, it is worth remembering that, despite this rise, the base rate is still at a relatively low level where it had been for 89 of the past 104 months.

"The Committee will be hoping that this rise will slow down inflation although I hope not at the expense of economic growth.

"At Ipswich Building Society our business model is carefully balanced between our savings and lending businesses and we will be carefully considering our next steps and how we will continue to support Members through this change, including the many mortgage misfits whose needs are not met by the large high street banks. I expect that any changes we make to our variable rate products will take effect from 1 January 2018."

Your home may be repossessed if you do not keep up repayments on your mortgage.