The Bank of England is set to raise interest rates to their highest levels since 2008.
The Bank of England is expected to confirm a 0.75% hike in interest rates at around midday today.
Just this time last year, the base rate was 0.1%, with many concerned that such a rise will lead to huge increases in mortgage payments for millions of families across the country.
The Bank of England is also expected to announce that it expects the cost of living to significant rise next year.
The United Kingdom is also facing the risk of a prolonged recession, with households and many businesses having to make some very difficult decisions over the coming months.
This is the 8th time in a row that the Bank of England has raised interest rates, following several years with rates at low levels.
