THERE has been a mixed reaction to The Bank of England raising interest rates for the first time in 10 years.

WE asked people in Bolton town centre what they thought of the news that the interest rate had risen by 0.25 per cent.

Shopper, Keith Rudd said: “It just doesn’t help. It will affect any saving you have, and anything you want to buy.”

Mum of two Jayne Cadmen was also sceptical about the new interest rates.

She said: “It makes it very difficult for young people. I’ve got two kids hoping to get on the housing ladder and it’s a lot harder for them to get a mortgage.”

However, not all of Bolton’s residents were unhappy at the news.

“I’m pleased by it,” said Children and Adult Services worker, Claire Billington.

“I’ve paid off my mortgage and I’m a saver, so it’s great for me.

“It’s only risen by 0.25 per cent so I don’t think people will struggle to pay mortgages.

“It’s such a small increase, I don’t think it will matter.”

The increase means that more interest will come into bank accounts, but monthly repayments on some mortgages may have increased.