Bank of England expected to raise interest rates for first time in more than three years

Live Reporting Edited by Angus Thompson, with economics editor Faisal Islam, cost of living correspondent Kevin Peachey and business reporter Michael Race I'm here at the Bank of England, ready to bring you today's interest rates decision published at 10:49 GMT Michael Race Business and economics reporter Good morning and welcome to the Bank of England in central London. I'm here to bring you the latest decision on interest rates. The decision will be handed to me and other journalists under embargo before we can report it to the world at midday.

The Bank's base rate is expected by analysts to rise today to 4%, which would mark the first increase in rates for more than three years. That is due to prices rising due to the conflict in the Middle East sending fuel prices higher. But no one knows for certain until we get handed the document stating the decision and explaining the reasons behind it.

This rate decision is also a bumper month, as we will be handed another document called the Monetary Policy Report, which sets out the Bank's wider thinking on inflation and the wider economy in the months ahead. See you on the other side. Bank of England expected to raise interest rates for first time in three years published at 10:43 GMT Image source, Getty Images The Bank of England (BoE) is today expected to raise interest rates for the first time in more than three years.

Most analysts are expecting a rate rise from 3.75% to 4% after the Bank held the rate steady at its last six meetings. We'll find out at 12:00 GMT exactly what the Bank's policymakers have decided. In September, BoE governor Andrew Bailey hinted at a possible rate rise if energy prices, driven up by the war in Iran, remained high.

Higher interest rates can lead to borrowers - like those on tracker mortgages - forking out more for repayments, while the returns offered to savers could improve. We'll also get the Monetary Policy Committee's latest report. They only publish this four times a year and it sets out the economic analysis and inflation projections that the committee uses to make its interest rate decisions.

Stick with us for the latest news and analysis on what this means for you.

Source: BBC