The Bank of England is expected to announce the biggest hike in interest rates in more than three decades at 12:00 GMT Thursday.
Analysts predict an increase of up to 0.75 percentage points, taking rates up from 2.25% to 3%
The interest rate influences things like mortgages, repayments on credit card debt, and the interest paid on savings accounts
Interest rates have been rising since December in an effort to curb inflation – the measure of the rate at which the cost of everyday goods and services is rising
Today’s expected rise follows economic turmoil under Liz Truss’s government; though things have calmed slightly since Rishi Sunak took over
Sunak has promised a new plan to repair the nation’s finances later this month but tax rises and spending cuts are expected
The war in Ukraine and the long recovery from the pandemic are also contributing to rising energy and food costs
The BBC is also hearing today from people in Derby on how they’ve been affected by spiralling living costs such as energy bills
