Samren Reddy, 21, is a third-year medical student at the University of Liverpool.

He got in touch with Your Voice, Your BBC News as he’s hoping to save enough to afford his first house.

"A lot of our parents have instilled that home ownership is the goal. It’s a home where you build memories. It’s becoming more and more daunting that I’ll be able to rent and also save for a deposit," he says.

"I don’t think a small decrease [in interest rates] will be a game changer. We’re saving for the initial upfront deposit, this is a sticking plaster.

"Even if I’m trying to save for a home, alongside my day-to-day living, even if I may be paying less on a loan and could get a cheaper mortgage, it’s swallowed up by the pressures of living."

Kevin Peachey
Cost of living correspondent

A cut in interest rates lowers the cost of borrowing money but, with mortgages, it’s a bit more complicated.

If the Bank does indeed cut the base rate, nearly 600,000 homeowners on tracker deals would immediately pay less in monthly repayments.

Those on standard variable deals must wait to see how their lender responds.

However, eight in 10 mortgage-holders have fixed deals. Their rate only changes when they renew a deal, usually after two or five years, and perhaps shop around for a new one.

Here, lenders have been cutting mortgage interest rates on new deals in the last few weeks, engaging in a mini price war.

That’s because the markets and, in turn, lenders have anticipated base rate cuts and “priced in” those changes to their current deals.

So, even if the Bank cuts interest rates today, there’s no guarantee fixed mortgage rates will go down further.

That will largely depend on the mood music and language coming from the committee on their appetite for further rate cuts as the year goes on.

This could be the first of many rate cutspublished at 11:40 British Summer Time

11:40 BST

Dharshini David
Deputy economics editor

A combination of higher energy, water and council tax bills pushed inflation above 2.6% last month.

Yet economists are united in expecting the Bank of England to cut interest rates today - for its task is to keep inflation to its 2% target in the future, and many price pressures are set to ease.

The trade war unleashed by US President Donald Trump is expected to hit global growth – and that’s depressed wholesale prices for commodities such as oil, metals and foodstuffs, which should feed through to bills and the high street here.

Further cheap imports from China could also arrive here, rather than being sold in the US.

With such factors at play, the Bank is also expected to lower its forecast not just for inflation but also UK growth.

And that means analysts expect two or even three more rate cuts this year, the next one perhaps as soon as June.

Michael Race
Reporting from the Bank of England

• Our reporter sent this post before being locked in the Bank of England's briefing room earlier

Good morning from the Bank of England in central London.

I’m about to head into this magnificent building behind me where, along with other journalists, I’ll be told what the latest decision is on UK interest rates.

The strong expectation is that there’ll be a cut from 4.5% to 4.25%, which will be welcome news to people borrowing money.

This month’s meeting is a bumper one - alongside the rate decision, we will also be handed the Bank’s latest "monetary policy report" which tells us what the Bank thinks will happen to inflation and the UK economy in the months ahead.

So I’m going to grab a cuppa before digesting all this new info (and the free biscuits on offer) before bringing you all you need to know at 12:02 BST.

Jen Meierhans
Business reporter

Thanks for joining us for the Bank of England’s decision on interest rates, which comes just after midday.

The Bank’s rate, which dictates borrowing costs for households and businesses - such as mortgages and loans - currently stands at 4.5%.

Analysts think it's highly likely we’ll get a cut to 4.25% - although a bigger cut to 4% or no change are also possibilities.

We’ll know for sure at 12:02 BST, after a two-minute silence to mark VE Day.

We’ll also get the Bank’s quarterly inflation report which could give us some insight into how the UK economy is performing and how quickly rates might go down from here.

Stay with us as our experts explain what it all means for your money and the economy.