Interest rates are expected to rise for the first time since the financial crisis in 2007.

The Bank of England is expected to raise the base rate of lending from 0.25% to 0.5% at midday on Thursday.

The move would means those who have variable-rate mortgages or other loans will have to make increased payments.

Savers will gain a greater return on their investment.

The expected rise is in response to increasing inflation across the UK.

It is hoped the increase will boost the value of the the pound and curb any further inflation.

Earlier in October, inflation rose to 3%, the highest level in five years and above the Bank's target of 2%.

Last month, the Bank's governor Mark Carney gave a speech at the International Monetary Fund where he said any increase in rates would be "limited" and "gradual."