Michael Race
Business and economics reporter

I've covered most of the interest rate decisions this year and the line which has been repeatedly said by the Bank's governor Andrew Bailey is that rates are on a "gradual" downward path.

The Bank often stresses the need to be cautious when deciding to lower rates, given consumer prices in the UK are rising at an annual rate above its target of 2%. Inflation in the year to June was 3.6%, with food price increases pushing up the cost of living.

The UK aside, the Bank also looks at what is going on across the world and the economic impact events might have - the Bank has highlighted the inflation risks of US tariffs, for example.

So while a cut is widely expected today, expect to see similar words to gradual and caution from the Bank.

Peter Ruddick
Business reporter

The nine people who decide what to do about interest rates will have had to decide which worry they were worried about most, here's why:

Inflation - the way we measure the rising cost-of-living - is higher than the Bank would like. Food prices, in particular, are a real concern. This situation might see benefits from higher interest rates.

That’s because increasing rates are like putting a bit of a handbrake on the economy. The theory is you make it more expensive to borrow money, people have less to spend and prices don’t rise by as much.

On the other hand, the economy is struggling to grow and there are fears about the jobs market - this might be helped by lower interest rates.

Today's decision will have come after a long discussion about which of these worries is, at the moment, worse.

Raphael Sheridan
Economics producer

Adam Christie has just had to re-fix his mortgage rate – moving from a five-year fixed term with a 1.8% interest rate, to a two-year term with a rate of 3.8%.

“It was quite a significant jump, but not as much as we were fearing,” he tells the BBC.

Christie had been prepared for a £200-300 per month increase - but instead his repayments have risen by about £100.

“Realistically speaking, it's the best of a bad situation. The bad situation being the interest rates have gone up,” he says.

But, he adds, there is still uncertainty about the future.

“We are still a little bit anxious about the future and what it might hold. They might go up again... but I suppose only time can tell," he says.

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Michael Race
Business and economics reporter

Depending on your individual circumstances, interest rates can impact you in different ways.

Mortgage holders with variable or tracker mortgages, or those who are looking to secure new fixed-rate deals, will face a change in their monthly repayments if rates are altered.

If rates are higher, it becomes harder generally for first-time buyers, as it becomes more expensive to borrow money for a mortgage.

Higher rates tend to mean increased charges for unsecured loans and credit cards, but people with savings should benefit from higher interest rates and get better returns on their money.

Lower rates, while making it cheaper to borrow, mean banks tend to offer lower returns on savings.

Higher rates could also be good news for those on the cusp of retirement, who might get a better annuity rate.

This determines how much guaranteed income you get, when you swap some or all of your pension pot for a secure income.

For the government though, higher interest rates in recent times have meant it has had to pay more interest on the country's debt.

The cost of government borrowing has been in the spotlight in recent months, with speculation that Chancellor Rachel Reeves could raise taxes in the autumn Budget.

Dearbail Jordan
Reporting from the Bank of England

Hello from the Bank of England, smack-bang in the heart of London’s Square Mile. I'm here to report on the latest interest rate decision.

We’ll also get the Inflation Report, although we don’t call it that anymore. In a slick piece of rebranding, it became the Monetary Policy Report under the then Bank governor Mark Carney who is now prime minister of Canada.

By the time you're reading this, I will already be locked away in a basement room in the Bank of England with no Wi-Fi and no phone – mine has already been shut away in a 1980s-style school locker. This is to make sure the decision from the Bank does not leak before its release at midday.

But it does mean we get to see these documents before anyone else.

This gives us time to digest them - and the free biscuits - before we bring you the updates as soon as the clock strikes 12:00.

See you on the other side.

Dharshini David
Deputy economics editor

With growing evidence that the economy has been under pressure, the Bank of England is expected to bring relief for millions of borrowers.

However, the decision is likely to be close.

The Bank's job to get inflation down to its 2% target and keep it there - at a time when inflation looks likely to remain above that level for some time - has had to be considered amid concerns about a deteriorating jobs market.

Many businesses – from hospitality to construction - claim to be struggling because of higher taxes and minimum wage rates.

The Bank’s own survey suggests that rethinking employment plans or reducing pay rises are among the responses such firms are using.

Figures next week are also expected to show that the economy barely expanded between April and June, the second quarter of the year.

The uncertainty over the shape of US President Donald Trump’s trade policy has at least been reduced.

But as the panel weighs up competing risks, economists warn that after today the next rate cut may not follow for many months – and it remains unclear how low rates may fall.

Michael Race
Business and economics reporter

Put simply, interest is the extra amount you get charged when you borrow money.

Say someone lends you £10 at a 10% interest rate, you'll pay them back £11 - the £10 you borrowed, plus an extra £1 in interest (10% of £10).

The Bank of England's base interest rate, which is being set today, dictates what rates most high street banks and lenders set for things - ranging from mortgages to credit cards and savings accounts.

When the Bank puts up its rate, it gets more expensive to borrow money, but it also means that returns on savings accounts, which accrue interest, go up.

When rates drop, as they are expected to today, borrowing becomes cheaper and saving rates typically go down.

The Bank of England's job is to keep inflation, which is the rate prices rise at for goods and services, at an annual rate of 2%. It uses interest rates to try to keep it at that level.

When rates rise, people tend to spend less and save more. That slows the demand for goods and services, which can limit price rises and thus cool inflation.

The Bank of England is expected to announce a cut in interest rates at midday.

Interest rates dictate what most high street banks and lenders charge for borrowing money - ranging from credit cards to mortgages.

Markets predict the Bank will reduce interest rates to 4% from 4.25% in its fifth cut since last August, and if rates drop it will be the third time they have done so this year.

A lower base rate can reduce monthly mortgage costs for some homeowners but it also means a smaller return for savers.

We're expecting the announcement at 12:00 BST, and we have writers in the newsroom and at the Bank of England poised to bring you the latest updates and analysis. Stick with us.