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Bank of England to make interest rates announcement this week - what can we expect

The Bank of England (BoE) will soon announce its revision of the base rate, determining whether it will rise or not.

Any decision the Bank makes will have a major effect on other rates all across the country. The Bank's interest rate can have a direct effect on how much people pay on loans, mortgages, or savings accounts.

At the start of February, the Bank increased the rate by 0.5 percentage points, driving it to 4 per cent overall. They stated the decision was due to global consumer price inflation remaining too high accompanied by a struggling labour market.

Read more: Inflation shoots up again with food at highest prices for 45 years - what it means for you

The Bank will make its next announcement on Thursday, March 23. The decision will be a difficult one for the bank following growing fears of a global banking crisis.

Here's everything you need to know about the Bank's interest rates announcement this week...

The BoE raises interest rates to ensure that inflation is brought down. The Bank's Base Rate is factored by the country's economical situation and it is up to the Bank to decide what will bring down the rate of inflation over the next few years.

It's impossible to say for certain what the Bank will decide. In February, the base rate rose by 0.5 percentage points while in December it also rose by 0.4 percentage points.

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.

Craig Erlam, a senior market analyst for OANDA, said the inflation figures came as a

Read more on manchestereveningnews.co.uk