 at 2pm to run through how your mortgage, savings and loans are affectedThe Bank of England is set for a momentous decision The Bank of England is expected to announce its biggest interest rate hike in 33 years tomorrow - and if it does, it'll have serious consequences for our wallets. Experts think the Bank's Monetary Policy Committee will vote to up its rate by 0.75 percentage points - from 2.25% to 3% - to try to cool inflation. But whatever the Bank does, some British households lose out. Putting base rate up means the cost of living crisis eases, if soaring inflation starts to fall. But this also means homeowners and loan customers pay more. Leaving the base rate as it is means relief for mortgage customers and borrowers - but means inflation stays high. However, base rate hikes are good news for savers, who will be able to get better returns on any spare cash. Mirror experts Sam Barker and Graham Hiscott will be discussing the Bank of England decision live on The Mirror's Facebook page at 2pm tomorrow, November 3. Send us your questions in advance at mirror.money.saving@mirror.co.uk Our Cost of Living team of experts are here to help YOU through a very difficult year. They'll be bringing you the latest money news stories and also providing specialist advice. Whether it's rocketing energy bills, the cost of the weekly shop or increased taxes, our team will be with you all the way. Every Thursday at 1pm they will take part in a Facebook Live event to answer your questions and offer their advice. Visit facebook.com/dailymirror/live to watch. You can read more about our team of experts here. If you have a question - or want to share your story - please get in touch by emailing webnews@mirror.co.uk. What does this mean for my mortgage? Another hike will hit two million borrowers on variable rate mortgages, plus thousands of others who are coming off cheap f){kind=link}
Mirror business editor Graham Hiscott will be joined by Mirror Money reporter Sam Barker tomorrow (November 3) at 2pm to run through how your mortgage, savings and loans are affected
The Bank of England is expected to announce its biggest interest rate hike in 33 years tomorrow – and if it does, it’ll have serious consequences for our wallets.
Experts think the Bank’s Monetary Policy Committee will vote to up its rate by 0.75 percentage points – from 2.25% to 3% – to try to cool inflation.
But whatever the Bank does, some British households lose out.
Putting base rate up means the cost of living crisis eases, if soaring inflation starts to fall.