The Bank of England has voted to hold rates at 0.5% for the 27th consecutive month.

With the UK economy still looking fragile, the Bank felt it had little choice but to keep rates at their record low in the hopes that the stimulus will eventually translate into strong economic growth.

The move will not be welcomed by more hawkish analysts, who feel a rate hike is needed to stave off the continued threat of inflation.

The consumer prices index (CPI) now stands at 4.5% - more than twice the government's targeted 2% rate - and shows no signs of slipping any time soon.

So what will today's announcement mean for you? It depends greatly on your financial situation.

For those with sizeable debts - specifically those with variable rate mortgages - it's a welcome reprieve as it means repayments on those loans are unlikely to rise just yet.

It also means affordable access to new credit - for example, the average cost of a two-year fixed rate mortgage is now just 4.41%, the lowest it has been all year.

The news is obviously not so good for savers, especially those who rely on their nest egg for an income. The continued low-rate environment has dramatically eroded their returns (at a time when living costs are rising) and are desperately awaiting a hike in the hopes that banks will in turn respond by offering more lucrative savings deals.

So, when can we expect to see a rate rise? Watch this space...