Eight times a year (honestly guys, do you understand how dull it gets for us to have to write this story eight times a year...), the Bank of England makes an announcement on whether or not it will raise interest rates. Today's one of those days.
What it means: The
is basically the 'cost of borrowing' – how much money a bank charges you for taking out a loan. If the Bank wants people to borrow (and spend) more, it'll keep rates low, while if it thinks people should be putting a bit more money away, it'll push them up.
The interest rate is 0.5% at the moment, which is pretty low but still higher than it was a few months ago (they raised it from 0.25% in November).