While it might sound extreme that the Bank of England has actually raised the base rate 4 times in succession, we are originating from an extremely low level. Base rate has actually not been above 1 percent for 13 years.
At 1 percent, it is now where it remained in 2009– which was a record low at the time. Even if the base rate does reach 2.5 percent, which is what the chancellor, Rishi Sunak, alerted the cabinet might occur, this is is still no place near as high as prior to the worldwide monetary crisis in 2008. From 2000 to 2008 the Bank of England base rate fluctuated in between 5.75 percent and a low of 3.5 percent.