The interest rate in the United Kingdom has been increased for the first time in a decade meaning that home owners with mortgages on lenders' standard variable rates are likely to find their monthly bill going up from December.
The move reverses the cut in August of past year - made in the wake of the vote to leave the European Union. 'Over the last year, two thirds of first time buyers have opted to fix their rate for up to two years, with a further one in four opting to fix for two to five years, ' she said.
Around eight million Britons have never seen an interest rates rise in their adult lives, experts say, with rates languishing at rock-bottom lows after the country fell into a deep recession.
Nearly four million households face higher mortgage interest payments after the rise, but it should give savers a modest lift in their returns.
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In its statement accompanying the decision to return rates to their pre-Brexit referendum level of 0.5 percent from a record low 0.25 percent, the Bank said any future increases will be "very gradual" in pace and to a "limited" extent.
Sterling was also trading 0.4 percent up against the euro on Friday, after suffering its worst one-day drop on Thursday against the single currency since a "flash crash" on October 7, 2016, when a sudden plunge briefly shaved a tenth off the pound's value.
Howard Archer, chief economic adviser to the EY Item Club consultancy said: "The Bank of England seemingly sees the hike to 0.50% as more likely to be a case of "one and a little more to come" rather than "one and done".
Of the 8.1 million households with a mortgage, 3.7 million - or 46% - are on either a standard variable rate or a tracker rate - which generally move with the official bank rate.
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"The BOE doesn't look like it is going to follow the Fed and embark on a rate hiking cycle for many years yet".
Mr Carney said "Brexit-related constraints" on investment and workers appeared to be holding back the potential growth of the economy.
"Market uncertainty has impacted both the residential and commercial development pipeline in London and the South East, which have been stuck in limbo since last year's European Union referendum, and if this measure can bring down inflation, particularly in construction costs, this is good news". The Bank says this effect is probably at its peak at the moment. Stagnating wage growth, tight household budgets and tough Brexit negotiations are all reasons to believe the BoE will hold fire on further hikes.
As of September 2017, British inflation stood at 3%, that is, double the rate of inflation in the Eurozone.
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The weak pound since last year's Brexit referendum has ramped up the cost of goods imported into Britain, and therefore consumer prices.