The Bank of England (BoE) will soon announce its revision of the base rate, determining whether it will rise or not.
Any decision the Bank makes will have a major effect on other rates all across the country. The Bank's interest rate can have a direct effect on how much people pay on loans, mortgages, or savings accounts.
At the start of February, the Bank increased the rate by 0.5 percentage points, driving it to 4 per cent overall. They stated the decision was due to global consumer price inflation remaining too high accompanied by a struggling labour market.
