Money and Pensions Service response to today's Bank of England interest rate decision

In response to the decision, Jon Styles, Senior Policy and Propositions Manager at the Money and Pensions Service said:

“We understand how unsettling an interest rate rise can be when you’re already worried about paying your mortgage and other bills.

“Check whether your payment is affected by the change and if you’re worried about repayments or have missed one, speak to your lender about the support they have available. If you're on a fixed-rate mortgage, check when your deal ends and try to plan ahead.

“MoneyHelper offers free, impartial guidanceOpens in a new window to help you understand your options and find support, so you don’t have to face money worries alone.”

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• MoneyHelperOpens in a new window offers free, impartial help for money and pensions that’s quick to find, easy to use and backed by government.
• The service offers clear guidance online, over the phone and face-to-face and also points users to trusted services, if they need more support.
• MoneyHelper was launched in June 2021 as a consumer-facing service to offer free and impartial money and pensions guidance.
• It brings together the support and services of three former government-backed financial guidance providers: Money Advice Service, The Pensions Advisory Service and Pension Wise.