ECB pushes up lending rates by 0.5pc – here’s what it will mean for your home loan

The European Central Bank (ECB) has announced a rise in its key interest rates today, the first in more than a decade. What will this mean for consumers?

By how much did rates rise when the ECB met today?

A: The governing council of the ECB had previously indicated it would increase its key interest rates by a quarter of a per cent -. However, it instead decided to go for a bigger hike of half of a per cent . ECB president Christine Lagarde  has already said the hike will be followed by a rise in September if inflation stays high. Eurozone inflation is 8.6pc, so a rise of at least another half of a per cent in rates is expected in September.

Why are rates going up?

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