Interest rates - how do they affect us?

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Interest rates are at their highest level for 14 years. The Bank of England has raised then again - in an attempt to tackle soaring prices. But what are interest rates, and how will they affect you? If you’re a homeowner – you might be worrying about being able to afford to pay your mortgage. Higher interest rates also make it more expensive for people to borrow money. But they can be good news for savers, if banks and building societies choose to pass on better rates of interest. For this episode of 5 Questions On, the BBC's cost of living correspondent, Colletta Smith, is in Cleckheaton in West Yorkshire, where a chef and a florist are among those who've been asking how interest rates will affect them. Image credit: Joe Giddens for PA