Join us LIVE this afternoon at 1pm on the Daily Mirror Facebook page as we discuss what interest rates mean for you
The Bank of England is expected to hike interest rates again this afternoon, in what could be the biggest rate rise in almost 30 years.
Markets are predicting the base rate will rise from 1.25% to 1.75% - a change of 0.5 percentage points.
It would mark the biggest interest rate rise in 27 years, and the sixth time in a row the Bank of England has hiked rates.
The base rate influences the interest rates that many lenders charge for mortgages, loans and other types of credit
It is used by banks and building societies to set their interest rates on their mortgage and savings products.
Join us LIVE this afternoon at 1pm on the Daily Mirror Facebook page as we discuss what interest rates mean for you
But what exactly would a rate rise mean for your finances?
Mirror Money Editor Levi Winchester will be joined by Daily Mirror Head of Business Graham Hiscott at 1pm this afternoon (August 4) to round up everything you need to know.
We'll be live on the Daily Mirror Facebook page to answer all your questions - or you can email us now at: mirror.money.saving@mirror.co.uk.
The Bank of England is raising interest rates to try and cool soaring levels of inflation, which is currently at a 40-year high of 9.4% - well above the target of 2%.
By raising interest rates, the Bank of England says households will spend less and this should mean inflation will drop.
Inflation is how much prices are rising by, with the figure used to show how much prices have changed over the last 12 months.
For example, if a bottle of milk costs £1 and that rises by 5p compared with a year earlier, then the level of inflation is 5%.
This week, the Resolution Foundation think tank warned of further misery to come - and said inflation could hit 15% early next year.
"It is now plausible inflation could rise to 15% in the first quarter of 2023," the foundation said.
The Bank of England says it expects the rate of inflation to keep rising this year, before slowing down next year.
It expects it to be close to their 2% target in around two years.
It comes as energy bills continue to soar, with households warned that that price cap could hit £3,600 next year.
Join us LIVE this afternoon at 1pm on the Daily Mirror Facebook page as we discuss what interest rates mean for you
