Is a rate rise good for you . Really looking forward to speaking to you, to hearing from you this morning, by telephone, by text or social media. Lets get the neatest News Headlines from karishma patel. The Bank Of England is expected to raise its main Interest Rate to 5. 25 at lunchtime. It will be the 14th time in a row its gone up. Inflation has slowed down in the past few months, but is still at nearly 8 four times higher than the official target. Deputy Prime Minister, oliver dowden, says migrants will start to be housed on a barge in dorset in the coming weeks and that inspections are being carried out. They were meant to move in earlier this week but there have been concerns over fire safety and port staff. Ofcom says older viewers are switching away from live tv as part of a record drop in people watching traditional television. The Broadcasting Watchdog says audiences now have an all you can eat buffet of broadcast and online content to choose from. Scientists say a Prehistoric Whale discovered in a desert in peru could be the heaviest creature thats ever existed. Researchers estimate the animals could have weighed nearly 200 tonnes. Good morning, Chris Warburton with you for the next couple of hours, whether you are watching or listening, it is fantastic to have your company. A big one for us today. Is a rate rise good for you . Lots of expectation the Bank Of England will increase its base rate to 5. 25 from its current 5 . Remember inflation fell by much more than expected injune. It was sticky. We got a drop below 8 for the first time in a good while. Its at 7. 9 , its lowest level in over a year. But this is still nearly four times higher than the Bank Of Englands target of 2 . It shows you how far of the Bank Of England are. The tuc says a rate hike today is the last thing we need manufacturing figures last month the worst for the year. House prices falling at their fastest annual rate in m years last month as Mortgage Costs hit a 15 year . High. If you are looking to get on the ladder, and you are thinking things are more affordable, a mortgage might be out of your reach. If you own a business if youre looking to buy, if youre one of those coming off a fixed rate then do call. And what about savers . This should be your moment Mortgage Rates up and up. Savings rates have not grown anything like as fast. The financial watchdog says that needs to change. . They are going to put measures in place to force the hands of banks to pass the Interest Rates on to you if you are a savour. Text 85058. Call me mac. Call 08085 909 693. We have got a call in chesterfield. We have got a call in chesterfield. We are going to sophie in ipswich as well. But lets go first of all to peter, our reporterfrom well. But lets go first of all to peter, our reporter from the well. But lets go first of all to peter, our reporterfrom the bbc well. But lets go first of all to peter, our reporter from the bbc on money. I mention the Bank Of England walking a tightrope, that is absolutely the truth. Go too far one way, and you start really bringing about fears of recession. You dont go enough, you are not tackling the beast of inflation. Beast of inflation. Some days, it has been really beast of inflation. Some days, it has been really clearcut beast of inflation. Some days, it has been really clearcut and i beast of inflation. Some days, it has been really clearcut and it | beast of inflation. Some days, it. Has been really clearcut and it is has been really clear cut and it is clear and obvious that there are plenty of people in favour of the Bank Of England Action. Today is not one of those days, its a stick or twist. You mentioned the trade union congress, and the free market think tank, they are saying the same thing. It is not often they are on the same page. There is a discussion and debate that will be happening within the Monetary Policy committee. If you look at the pros and cons, in favour of not doing anything, the latest Inflation Figures suggest the rise in the Cost Of Living is easing, but if you look at the detail, the supply chain, Producer Price inflation, that tends to be what happens for factories and businesses. That is way off it, there could be good news coming down there could be good news coming down the track for us, a leading indicator. There are signs that the medicine is starting to heart. The number of people missing payments on bill, the same level as winter, a jump bill, the same level as winter, a jump in the number of company insolvencies. 0n the other hand, Headline Inflation four times the Bank Of Englands on target. Junes easing is a lot to do with petrol prices, Core Inflation is still not falling significantly, wage growth is incredibly high. The economy is running too hot. The uk would be an outlier if they did not act today, if the bank did not act today. Look at the area of the euro, look at the us, inflation is lower in the Central Banks in those territories have carried on with their rate hikes in the latest meetings. The question today is will they or wont they bite how high will be go today and how high could rates peak eventually. And how high could rates peak eventually eventually. You can pick your economist. Eventually. You can pick your economist, your eventually. You can pick your economist, your forecaster i eventually. You can pick your| economist, your forecaster as eventually. You can pick your. Economist, your forecaster as to eventually. You can pick your economist, your forecaster as to how economist, yourforecaster as to how far rates might go, some suggest we might see incremental increases perhaps still november, december, that might be the end of it. But the other question alongside that for people with ice on Mortgage Rates and such like, how long does it stay at that rate for two that and such like, how long does it stay at that rate for two at that rate for two that last point is difficult. At that rate for two that last point is difficult, there at that rate for two that last point is difficult, there could at that rate for two that last point is difficult, there could be is difficult, there could be relatively good news, you ask two economist and you get five or six opinions and it is important to say this is not a science, this is a choice, economists have different views on this. There is some good news for Mortgage Brokers. Essentially, they safe to dos height if comes is probably baked in and a peak in rates at 5. 5 or 5. 7 is probably also baked in. In fact, average fixed rate deals on offer could well start coming down despite Interest Rates going up today basically because lenders now have a sense of how high they are going to peak at so they can begin to tempt people with market leading deals. The question for those people considering those deals is how long the peak at last and that is what really no one has an answer to. We have seen really no one has an answer to. We have seen Mortgage Rates coming down. Mark harris, chief executive of the Mortgage Broker who said a few lenders including hsbc, barclays, nationwide have reduced their fixed Rate Mortgage pressing on the back of better than expected Inflation News which has led to a calming of swap rates which underpin the pricing of fixed Rate Mortgages after weeks of considerable volatility. It will be interesting to see what happens in terms of Mortgage Rates after todays decision. 0n business, we want to Hearfrom Business as decision. 0n business, we want to hear from business as well, smaller or medium sized businesses around the country. As individuals, we tend to choose to borrow less when Interest Rates are higher but so do businesses. And then that means less likely to create jobs, more likely to cut staff, i suppose, as well. That is the warning from the tuc. Absolutely. A lot of those businesses are still in recovery mode from the pandemic and they are paying off loans from the pandemic as well and Interest Rates could impact them there. I spoke to someone in peterborough yesterday, she said that she gets the economics of theirs, you did to stop people spending, my business relies on people spending. If they stop spending, i have to close the door and let staff go, i have to essentially, you know, consider the future of my business. Those decisions are being made up and down the country. This is the point at which the economic theory hits the Business Reality for people. Unfortunately, sometimes its not set enough, higher Interest Rates are designed to cause pain and at the moment, that is what we are living with. The moment, that is what we are living with the moment, that is what we are livin with. ,. Living with. This is the medicine. I cuess living with. This is the medicine. I iuess it living with. This is the medicine. I guess it economist, living with. This is the medicine. I guess it economist, the living with. This is the medicine. I guess it economist, the bank living with. This is the medicine. I guess it economist, the bank of l guess it economist, the Bank Of England, the government, will say it is doing what we expected to do. If it can push inflation down. Peter, if you are staying, all good, if not, lets get to some of the phone calls. Thank you for the millions of texts. Text 85058. Lets talk to sophie in ipswich, creek in edinburgh, tracy is in chesterfield. Good morning and welcome to the programme. Tracy, tell us about your situation, you are a Small Business, a cafe owner in chesterfield. How are things . We a cafe owner in chesterfield. How are things . Are things . We run a cafe in chesterfield, are things . We run a cafe in chesterfield, we are things . We run a cafe in chesterfield, we have are things . We run a cafe in chesterfield, we have been| are things . We run a cafe in chesterfield, we have been open for one year. As the economist said, we are still recovering from covid i9 and what that brought us which was interesting. We are noticing month on month that fewer people are coming in. And the people that are coming in. And the people that are coming in, we have loyal customers, i have to say, are spending less, are coming less frequently and spending less and they come in. They have got less disposable income, basically, which indirectly affects us. ~. , basically, which indirectly affects us, ~. ,. ,. , basically, which indirectly affects us. ,. ,. ,. , basically, which indirectly affects us. What does that mean for your future plans . Us. What does that mean for your future plans . Personal us. What does that mean for your future plans . Personalfuture us. What does that mean for your l future plans . Personalfuture plans or plans for the business itself . You cannot make any plans. That is the worst thing. It is a time of instability. We really could do with taking on a couple of staff to give the people we have more flexibility in their working hours, but we cant do it, we never know from monday to the next how busy we are going to be, what the footfall going to be, i absolutely understand every Small Business that i have spoken to, in chesterfield and arran, we are all in the same boat. We cannot make plans for the future. We cannot make plans for the future. We cannot make plans to invest in new equipment, we dare not spend the money. find dare not spend the money. And distress . Yes, dare not spend the money. And distress . Yes, stress. Dare not spend the money. And distress . Yes, stress. It dare not spend the money. And distress . Yes, stress. It is dare not spend the money. And distress . Yes, stress. It is a. Distress . Yes, stress. It is a Stressful Distress . Yes, stress. It is a stressful time. Distress . Yes, stress. It is a stressful time. What distress . Yes, stress. It is a stressful time. What is distress . Yes, stress. It is a stressful time. What is the l distress . Yes, stress. It is a i stressful time. What is the toll of that in your stressful time. What is the toll of that in your everyday stressful time. What is the toll of that in your everyday away stressful time. What is the toll of that in your everyday away from i stressful time. What is the toll of i that in your everyday away from the cafe . ,. ,. , that in your everyday away from the cafe . ,. ,. , cafe . You find that you never really switch off cafe . You find that you never really switch off if cafe . You find that you never really switch off. If you cafe . You find that you never really switch off. If you are cafe . You find that you never really switch off. If you are a cafe . You find that you never really switch off. If you are a small switch off. If you are a Small Business, you never walk away, you cannot, that is not how it works. But at the moment, you wake up in the middle of the night thinking about it. It is the main topic of conversation around the dinner table, what will we do next . How can we increase footfall . How can we make business more attractive to people . There is a certain number of customers out there, there always is depending on the Interest Rate, but there is a certain number of customers, you are all fighting for those customers all the time. What you are trying to do all the time now is make your offer the most attractive to everybody and still try and make a profit. The customers come in and they say that has gone up we are really sorry, it has two or we will not be here. The other thing i want to say, please, everybody out there, shop local. Support small independent business, please support small independent business, lease . ,. , support small independent business, lease . Please that is a good message. The whole point please that is a good message. The whole point of please that is a good message. The whole point of the please that is a good message. The whole point of the phone please that is a good message. The whole point of the phone calls whole point of the phone calls today, from across the uk, trying to get a real picture, as i mentioned at the beginning, Interest Rates one way or another affect every part of all of our lives. Trying to get a feel for that from your phone calls this morning. Call 08085 909 693. We are hearing about business and what about property and the Housing Market . We know the impact Mortgage Rates are having on that and they know according to people who rent as well. Sophie and ipswich and craig in edinburgh, you have got different stories to tell, sophie, tell us about your situation in ipswich. Basically i am a single working mother, basically i am a single working mother, my rent at the moment is ust mother, my rent at the moment is just about mother, my rent at the moment is just about affordable. I pretty much rely on just about affordable. I pretty much rely on universal credit outside of what rely on universal credit outside of what i rely on universal credit outside of what i earn rely on universal credit outside of what i earn to survive each month. 0ne what i earn to survive each month. One of what i earn to survive each month. One of the what i earn to survive each month. One of the things i have read repeatedly in the news this morning as the repeatedly in the news this morning as the information that the Interest Rates as the information that the Interest Rates are as the information that the Interest Rates are going to hit mortgage, i do not rates are going to hit mortgage, i do not know whether my landlord has a right do not know whether my landlord has a right about this property or if he has a a right about this property or if he has a mortgage, i assume a right about this property or if he has a mortgage, iassume he has a mortgage has a mortgage, iassume he has a mortgage. The knowledge that its going mortgage. The knowledge that its going to mortgage. The knowledge that its going to go for them as well as the existing going to go for them as well as the existing because we have in place and struggles that everyone has at the moment, i know it is going to have the moment, i know it is going to have a the moment, i know it is going to have a Knock On Effect on me so i am looking have a Knock On Effect on me so i am looking ahead, going, actually, you know, looking ahead, going, actually, you know. Can looking ahead, going, actually, you know. Can i looking ahead, going, actually, you know, can i afford this property . Is my landlord know, can i afford this property . Is my landlord going to put the price up my landlord going to put the price up to my landlord going to put the price up to max my landlord going to put the price up to max i my landlord going to put the price up to max i do not know how many other up to max i do not know how many other properties he has. I dont other properties he has. Idont know other properties he has. I dont know anything about him. He might be one of know anything about him. He might be one of those know anything about him. He might be one of those landlords who can afford one of those landlords who can afford it one of those landlords who can afford it and its not a problem and he wiii afford it and its not a problem and he will