They’ve gone up from 3% to 3.5%. This is the ninth time in a row they’ve been hiked.

This increase will result in higher mortgage payments for property owners and people who’ve taken out loans. It comes at a time when everyone across the country is faced with the cost-of-living crisis – right before the Christmas holidays.

Inflation is currently sitting at 10.7% in the country – or over 5 times higher than the 2% target. However, it has slightly eased since November.

Andrew Bailey, Bank of England Governor, said it was the "first glimmer" that soaring price rises were starting to come down but there was still "a long way to go".