Why does the Bank of England change interest rates?
The Bank of England is meeting to decide whether to increase, lower or hold interest rates as it continues to try and curb rising prices.The Bank of England is the UK's central bank. It is independent of the government.
Putting up interest rates can mean people are more likely to save money and less likely to borrow money. In theory, this means they have less money to spend so will buy fewer things, which should help stop prices rising as quickly. Alternatively, if the Bank cuts interest rates, there's less incentive to save money and borrowing becomes cheaper. This can encourage people to go out and spend more, boosting the economy.After previously meeting every month to decide interest rate policy, the Bank's monetary policy committee now convenes eight times a year to set rates.vote on whether to increase, reduce or hold interest rates, and their collective decision is published at noon.
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