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The Bank of England has increased the base interest rate several times this year, providing a boost for many savers.

The base rate is currently at three percent and analysts expect it to continue to rise going into the new year.

Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, spoke about how inflation is factoring into the Bank of England’s decision-making.

She said: “The price spiral is tough, particularly with labour shortages fuelling wage growth and volatile energy prices to navigate.