Interest rates LIVE: Bank of England set to make major announcement at noon | Personal Finance | Finance

The Governor of the Bank of England typically presents their recommendation on whether to maintain, increase, or decrease the base rate a day before the official announcement.

This recommendation is then subject to a vote by the Bank’s Monetary Policy Committee (MPC), which is responsible for setting the rates.

As expected, the majority vote prevails, and in the event of a tie, the Governor casts the deciding vote.

The minutes of this month’s meeting and the final decision will be released at 12pm.