Interest rates Q&A: the rise explained and how it impacts you

The Bank of England has announced another UK interest rate rise, with the base rate rising 0.75 percentage-points to 3% - the largest single rise since 1989.

This decision will have a major impact on the housing market, mortgages and savings accounts. It was expected because of the UK’s worsening economic outlook in light of Liz Truss’s time as Prime Minister.

We sit down with NationalWorld cost of living expert Henry Sandercock, who answers the questions you need to know on interest rates and what it means for your bills.