The Bank of England has increased interest rates by half a percentage point – the biggest amount for 27 years.
Rising interest rates can affect people in different ways, often creating extra costs and worries.
But while it can increase the cost of borrowing, hitting business plans or mortgage hopes, savers may give a small cheer.
The BBC spoke to four people about how higher interest rates would change their circumstances.
‘I’ll have to find another £250 a month to cover my debts’
London-based Patrick Reid owes thousands on credit cards and loans and fears an interest rate rise will cost him.
“I have personal loans and credit cards totalling £25,000 so any increase will be hugely noticeable.
