Interest rates are expected to be hiked once again on Thursday to their highest level for 13 years as the Bank of England battles to cool rocketing inflation. The Bank's policymakers are predicted to increase rates from 0.75% to 1% - a level not seen since early 2009 - and ramp up its forecasts for inflation as the Ukraine war compounds a crippling cost-of-living crisis.
The move is potentially good news for savers, but could hit those on variable rate mortgage deals.
Members of the Monetary Policy Committee (MPC) have already raised rates at each of its past three meetings to try to rein in inflation, which hit a 30-year high of 7% in March. The cost crunch is expected to tighten its grip later this year when the energy price cap is revised once again, with warnings inflation could peak at 9% or even double digits in the autumn.
