The Bank of England has raised interest rates for the first time in more than three years, in response to calls to tackle surging price rises.

The increase to 0.25 per cent from 0.1 per cent followed data this week that showed prices climbing at the fastest pace for 10 years. It has allayed concerns that people would spend less because of the Omicron variant which would in turn slow the economy. 

In light of this news buy-to-let landlords should factor-in for higher borrowing costs.

The Bank's Monetary Policy Committee voted by eight to one in favour of the increase – the first rise in more than three years.