BUT DON’T PANIC. THIS TIME IS DIFFERENT…
On November 2nd the Bank of England did something that it has only ever done before at the beginning of a World War. It doubled the Base Rate.
The two previous occasions were 31st July 1914, three days after the start of World War One, and 24th August 1939, eight days before the start of World War Two.
On those prior occasions the rate went from 4% to 8% and 2% to 4% respectively. This month it went from 0.25% to 0.5%. Which is one reason that it is different this time.