Dearbail Jordan
Business reporter

I’m back at the Bank of England for the first interest rate announcement since December.

And this time, it’s supersized.

As well as the latest rate decision, the Bank will release its Monetary Policy Report.

When there is a report – which is every three months – journalists are “locked in” the Bank of England’s basement for two hours instead of the usual one.

I've just descended into the depths of the Bank which look a bit like a nuclear bunker.

Journalists are then asked to put their mobile devices in a locker to prevent any leaks of the announcement.

I’ll be joining fellow reporters in a room and we'll literally be locked-in until 12:00, when the rate and the report are released to the public.

If that sounds a bit bonkers, don’t worry, the Bank always lays on tea and biscuits.

Once midday hits, the Bank gives us the wifi password and within seconds you’ll be able to read my story on the BBC website.

See you on the other side.

More rate rises are likely to come, but there is a widespread belief that these may end by the middle of the year. The Bank will be keen not to dampen the UK economy, which is expected to enter recession.

Analysts believe the rate will peak at 4.5% in the summer - after hitting 4% with today's announcement.

The peak is lower than predictions had suggested when the government was in turmoil after a poor reaction to a mini-budget unveiled by Liz Truss, who was then prime minister.

The Bank's monetary policy committee meets eight times a year to decide interest rate policy.

It is under pressure to put rates up because it has a target to keep inflation at 2%, but prices are currently rising at 10.5%, more than five times that level.

• Read more here

Just under a third of households have a mortgage, according to a government survey.

When interest rates rise, about 1.6 million people on tracker and variable rate deals usually see an immediate increase in their monthly payments.

An increase in the Bank rate from 3.5% to 4% would mean those on a typical tracker mortgage would pay about £49 more a month. Those on standard variable rate mortgages face a £31 jump.

Three-quarters of mortgage customers hold a fixed-rate mortgage. Their monthly payments may not change immediately, but house buyers - or anyone seeking to remortgage - will have to pay a lot more now than if they had taken out the same mortgage a year ago.

The Bank of England is the UK's central bank. It is independent of the government.

Its main job is to manage the overall state of the economy.

It has a target to keep inflation - the official measure of how quickly prices are rising - at 2%, but prices are currently rising at about five times that level.

The Bank's traditional response to rising inflation is to increase the UK's official interest rate, which influences the saving and borrowing rates charged by High Street banks.

The Bank's monetary policy committee (MPC) meets eight times a year to set rates.

After a series of preliminary meetings, the committee's nine members vote on whether to increase, reduce or hold interest rates, and their collective decision is published at noon.

Minutes of the meeting where the decision was taken are also published.

• Why does the Bank of England change interest rates?

Image source, PA

Interest rates are big news when they change.

In general, interest is the extra cash you are charged for a loan or a mortgage - or what you get paid on savings in a bank account.

But the interest rates we all pay are driven by the Bank of England’s base rate, which is what is likely to change today.

If the Bank of England thinks prices are going up too quickly - called inflation - it can decide to raise interest rates to discourage people from taking out loans or spending on their credit cards.

The idea is that if people have less money to spend, prices stop going up as fast.

Good morning and welcome to our live coverage.

At midday we’ll get the latest announcement from the Bank of England on interest rates.

The UK’s official interest rate - called the base rate - is already at a 14-year high and is widely expected to go up to 4%.

If it does, that will mean other banks and lenders will charge their customers more to borrow money - whether on credit cards, loans or mortgages.

In December, the Bank put up its interest rate to 3.5% - it was 3% before that.

We’ll get to why the Bank changes its base rate shortly. It’s a closely watched decision and we’ll bring it to you on this page at noon. We're also expecting a press conference shortly afterwards.

Then we’ll get reaction as well as analysis and what it means for consumers from our specialist reporters.

Stay with us for more.