The image is from the news.
The Bank of England raised interest rates for the first time in three years in response to calls to tackle inflation.
The Monetary Policy Committee voted in favor of the increase.
In March last year, rates were cut to a record low of 0.1% due to the effects of the coronaviruses.
The Omicron variant of Covid was thought to slow the UK economy by causing people to spend less.
The Bank said global asset prices fell in response to the new variant, but have since recovered.
The decision by the Bank of England to increase the base rate to 0.25% will add just over £15 to the monthly repayment of a tracker mortgage customer.
A standard variable rate mortgage-holder is likely to pay more in the long run.
There are two types of mortgage in the UK.
Savings rates may increase slightly, but they are still below the rate of inflation.
The Bank said consumer price inflation in advanced economies has risen more than expected.
The Omicron variant poses downside risks to activity in early 2022, although the balance of its effects on demand and supply is unclear. The global cost pressures are strong.
The Bank said that waves of Covid appeared to have had less impact on economic growth.
The asset purchase scheme was maintained by the committee.
The last time interest rates were raised was in August of last year.
They were cut twice in March 2020.
The cost of living increased by 5.1% in the 12 months to November, up from 4.2% the month before and its highest level since September 2011.
The economy of the UK.
The Bank of England.
