Markets expect the Monetary Policy Committee (MPC) to increase rates by 0.75 percentage points to 2.5 per cent.
It would be the highest rise that the UK has had since the financial crisis and would be the highest single increase in interest rates since 1989.
However, economists are expecting a smaller rise to 2.25 per cent when it is announced at midday. It would be the same 0.5 percentage point change as the last hike.
Economists are also expecting rates to rise again in November and December, hitting 3 per cent by the end of the year.
The decision to hike rates is a bid to keep inflation under control. It is the best tool that the Bank of England has to steer inflation – currently at 9.9 per cent – back to its 2 per cent target.