MONETARY POLICY COMMITTEE (MPC)
Inside the mind of the Bank of England: how it sets rates
How the nine members of the Monetary Policy Committee (MPC) vote will affect households and businesses across the UK.
That's because the Bank of England base rate is used as a reference point for millions of mortgages and savings accounts.
Higher rates would hit borrowers - but benefit savers.
Interest rates are at a record low of 0.25% and there has not been a rise in interest rates in more than a decade.
The Bank's job is to try to keep inflation at about 2%.
The fall in the value of the pound pushed up the Consumer Prices Index to 3% in September - a rate not seen since 2012 - and recent sluggish growth has led to fears of a prolonged slowdown.
The Bank has a supplementary goal of supporting economic growth, which means it has faced a tricky trade-off over the past year.