Three-month Libor hits 1%
The three-month inter-bank lending rate, or Libor, has passed the 1% mark, taking it to the highest level in more than two-years.
Libor is used as the benchmark rate for UK lending. A banks cost of borrowing is based on this, plus a premium added, often depending on the bank's credit rating.
The rate peaked at 6.3% on September 2008, according to thisismoney.co.uk.
Mortgage lenders have been increasing the cost of their tracker rate mortgages over the last few weeks and the typical increase has been between 0.1% and 0.2%.
11 November 2011
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