02 February 2023 , 10:34
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The Bank of England is poised to hike interest rates again as it continues its battle against inflation.
The base rate is currently at 3.5% and analysts are predicting it could rise to 4% this afternoon - a 0.5 percentage point increase.
The Bank of England will announce if its base rate is going up again at 12pm.
If it does, it would mark the tenth Bank hike in a row and means the base rate would still be at its highest level since 2008.
But what exactly does this mean for your finances?
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Mirror Money editor Levi Winchester will be joined by Bestinvest personal finance analyst Alice Haine to chat through everything you need to know.
You can join us at 1pm live on the Daily Mirror Facebook page, where you can ask us a question during the broadcast.
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You can also email us ahead of the Q&A at [email protected].
The base rate is important as it affects what banks and lenders charge you, as their customer, to borrow money.
It also affects how much interest you get back in savings products.
Interest rates are going up as the Bank of England tries lower inflation, which has been pushed up by higher energy, food and fuel prices.
The base rate stood at just 0.1% in December 2021, before the series of increases began.
The idea is that by raising interest rates, households will spend less and this should mean inflation will drop.
Inflation was last month confirmed to have dipped again to 10.5% - down from a 41-year high of 11.1%.
Big Four banks made £20billion in 9 months as households battled interest rates
The next inflation figures, released each month by the Office for National Statistics, will be released on February 15.
Click here to join The Mirror cost of living Facebook Live at 1pm