Bank of England to make interest rates announcement this week - what can we expect
The Bank of England will soon announce its revision of the base rate, determining whether it will rise or not.
Read more: Inflation shoots up again with food at highest prices for 45 years - what it means for you Recent turmoil in financial markets has led to a growing fear of a global banking crisis, with some experts predicting this will strongarm the Bank into not raising the rates. However, it could very easily go the other way due to an unexpected rise in CPI and the Bank's priority of driving down inflation.
What will happen to my money if interest rates go up? Interest rates will have a direct effect on those with a loan or a mortgage with a variable interest rate. If the interest rate goes up, you may notice that the cost of your repayment will go up as well.
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