Just a few minutes to go and then we’ll hear the latest.

Typically, what follows is a bit more discourse on wider economic policy, questions to some of the MPC members on their voting stance and some other aspects of the announcement.

We’ll bring you the consumer-focused element of that, plus reaction from lenders, industry experts and what it all means for you going forward.

Here’s the interest rates chart over the last 3.5 years from the Bank of England. Remember a time we were at 0.1%?!

Nobody really expects that to happen again any time soon, even if inflation stabilises and rates drop to a more neutral level.

But, also, we’re down some distance from the 2023/24 highs of 5.25 per cent, which caused real shocks for mortgage repayments and loans on variable rates.

Five cuts have happened since then, three this year.

A fourth today would be an extraordinary surprise – but perhaps, we could still see one in December.

We’re approaching time for the Bank of England’s interest rates vote announcement and reaction to that, so let’s have a quick check in on what to expect.

Here’s what’s happening and what it will mean for you:

Continuing with the data around ISAs, today’s figures show 87,250 people used their Lifetime ISA (LISA) to buy their first home in 2024-25 – that’s up 53.7% from the previous tax year, say money managers Nutmeg.

However, the rate of penalties for early withdrawal also increased across LISAs.

Claire Exley, head of financial advice and guidance at Nutmeg, says that should open debate once more to ensure savers aren’t punished due to increased housing costs and frozen thresholds.

“The Treasury received over £100 million from early LISA withdrawal penalties for the first time, a 35% increase from the previous tax year and the second year in a row it has risen.

“Whether it is rising house prices which have put properties beyond the LISA house price cap or a change in life circumstances that means people need the money in their LISA, more savers are handing over their savings to pay the exit penalty.

“While some friction to withdrawals helps consumers remain focused on goals, there should be a mechanism which ensures the Government gets back any bonus paid to LISA savers but does not excessively harm those who can no longer use a LISA or whose life circumstances change.

“While some are debating the future of the LISA, this data shows that it remains a well-loved and powerful tool for younger savers to accumulate wealth and get on the property ladder.”

An ongoing theme this: cash ISAs are in use more than ever, but so much money is in them that people could be investing instead to generate far better returns for the long term.

Around 5m people have between £10k and £20k in their cash ISA – it’s recommended for most people that having four months’ costs in a savings account is an ideal buffer. Beyond that, consider investing to help your reach your goals.

A total of around £360bn is thought to now be in cash ISAs.

Claire Trott, head of advice at St. James’s Place, said:

“Today’s HMRC figures are the latest indication that the UK population is over-saved and under-invested. While a cash buffer is important – and no doubt brings comfort to savers, promising safe, guaranteed returns – individuals who chose a cash ISA over a stocks and shares ISA could be missing out on hundreds of thousands of pounds over the long term.

“For individuals saving for long-term goals the cash ISA approach can be risky. As shown by our analysis, inflation can quickly and substantially erode the real value of cash savings.

“Ultimately, those wanting to reap the rewards of their finances over the long term need to be invested in the market. While short term fluctuations and market volatility may deter risk averse savers, history shows that staying invested over time has consistently offered far greater potential for growth, and protected wealth against inflation.

“For those nervous about investing without guidance, speaking to a financial adviser can be a great way to get started, and can provide confidence you’re making the best decisions over the long term.”

One of the questions the BoE will answer today, aside from interest rates, is on the matter of quantitive tightening programme.

In simple terms, this is the rate at which it’s selling bonds bought during periods when the government needed additional money, such as during the Covid pandemic.

However, selling at the rate it has been has contributed to lowering bond prices, which in turn pushes up bond yields – which for the government means “borrowing costs”.

In other words, the government has to pay back more money when the Bank is selling bonds at such a rate.

Therefore we may get an update on that today.

The analysis was conducted by investment and insurance company Shepherds Friendly, using average UK household spending rates, common debt, and a recommended six-month emergency fund.

The investigation also factored in 25 years of rising costs at 2.88 per cent annual inflation and a 5 per cent annual return on savings or investments, to reveal exactly how much would be needed today to enjoy 25 years of financial freedom in retirement.

With the BoE expected to hold rates at 4% today, UK stocks have risen in early morning trading.

The FTSE 100 is up 0.23 per cent so far, though remains down for the week after a subdued couple of days.

Pest control firm RELX is the leader, up 2.75 per cent, while retailer Next is down 5.7 per cent after its profit release this morning, citing slowing or no growth to come.

Next remains up more than 19 per cent this year, however.

Next has notched up a surge in half-year profits, but warned UK sales will be weighed on by “anaemic” economic growth and a faltering jobs market as the Government’s tax hike takes its toll.

The fashion and homewares group reported a 13.8% rise in underlying pre-tax profits to £515 million for the six months to the end of July as total full-price sales lifted 10.9%.

But it cautioned that UK sales growth will pull back sharply.

Chief executive Lord Simon Wolfson said: “The medium to long-term outlook for the UK economy does not look favourable.

“To be clear, we do not believe the UK economy is approaching a cliff edge.

“At best we expect anaemic growth.”