Finance Monthly. 7 The Mon t h l y Round -Up The Bank of England has raised UK interest rates to their highest level in the past 14 years. 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”. UK INTEREST RATES RAISED TO HIGHEST LEVEL IN 14 YEARS ELONMUSK SELLS $3.6BN OF TESLA SHARES Multi-billionaire Elon Musk is no longer the richest person in the world after he sold another 22 million shares, worth $3.6bn in his electric car maker Tesla. This brings the total of Tesla shares Musk has now sold to almost $40bn. According to financial market data provider Refinitiv, he remains the biggest shareholder in the company with a 13.4% stake. Bernard Arnault, CEO of luxury goods group LVMH, has now overtaken Elon Musk as the richest person in the world. His net worth sits at $191bn, whilst Musk’s has dropped down to $174bn, according to Forbes.
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