Bank of England Raises Rates

The Bank of England has raised interest rates 0.25% to 4.5%, citing a continuing global economic recovery and a housing market that "remains buoyant."The move is the first back-to-back increase since early 2000 and is likely to add £15 to the monthly cost of a £100,000 mortgage, according to Bob Pannell, head of research at the Council of Mortgage Lenders. (This would be roughly equivalent to adding $30 to the cost of a $200,000 mortgage in the United States.) Mr. Pannell said the rate rise was expected and "unlikely to be the last."