The latest interest rate rise by the Bank of England means its benchmark interest rates have hit 3% for the first time since 2008. The interest rate affects mortgages, repayments on credit card debt and the interest paid on savings accounts. They have been rising since December in an effort to curb the rate at which the cost of everyday goods and services are rising. This latest rise follows economic turmoil under Liz Truss, though things have calmed slightly since Rishi Sunak took over and promised to issue a plan to repair the nation's finances later this month, but tax rises and spending cuts are expected. The Bank of England’s outlook for the UK economy is a downturn lasting for two years and the unemployment rate will nearly double.