What time is the Bank of England's August interest rate announcement today?

The Bank of England (BoE) is set to announce its changes to the interest rate today.

Economists are widely predicting the Bank's Monetary Policy Committee (MPC) will raise the base by 0.25 percentage points which would drive inflation up to 5.25 per cent. This would result in the highest interest rate levels in 15 years and would be the 14th consecutive increase from the Bank.

While it's a smaller increase than what was seen in June, economists are not completely ruling out the potential for an even higher increase today due to increased pressures on the Bank to tackle price and wage rises. However, there are signs that inflation could witness a downturn which many are hoping will spurn policymakers to not continue making drastic increases affecting people's loan and mortgage payments.

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Here's everything you need to know about today's announcement...

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Today, the Bank will announce the new interest rate following a meeting which will presumably take place in the morning. Previous decisions have usually been announced from 12pm, therefore, we can expect the new interest rate to be announced anytime around midday.

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.

However, if you're on a fixed rate, you won't see any changes to your payments until the end of your fixed period. If you're concerned about how high your monthly payments could go up, you can use a mortgage calculator to better prepare