What is the Bank of England base rate and how does it affect me?

Prompt: Create a story covering: What is the Bank of England base rate and how does it affect me?
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Nine members of the Bank of England's Monetary Policy Committee meet eight times each year to set the base rate.
Here we explain why the Base rate changes and how it affects your finances.
Any change to the Bank's rate can have wide-reaching consequences as it directly influences both the cost that lenders charge people to borrow money and the amount of savings interest banks pay out to customers.
When the Bank of England lowers interest rates, consumers tend to increase spending.
This can directly affect the country's GDP and help steer the economy into growth and out of a recession.
In this scenario, the cost of borrowing is usually cheap, and the biggest winners here are first-time buyers and homeowners with mortgages.
But those with savings tend to lose out.
However, when more credit is available to consumers, demand can increase, and prices across the board tend to rise.
And if the rate of inflation rises substantially - the Bank of England can increase interest rates to bring prices back down.
When the cost of borrowing rises - consumers and businesses have less money to spend, and in theory, as demand for goods and services falls, so should prices.
The Bank of England is tasked with keeping inflation at 2%, and hiking interest rates is a way of trying to reach this target.
In this scenario, the losers are those with debt.
First-time buyers will lose out to cheaper mortgage rates, and those on tracker or standard variable rate mortgages are usually impacted by hikes to the base rate immediately.
Those on a fixed-rate deal tend to be safe if they fixed when interest rates were lower - but their bills could drastically increase when it's time to remortgage.
The cost of borrowing through loans, credit cards and overdrafts will also increase when the base rate rises.
However, the winners in this scenario are those with money to save.
Banks tend to battle it out by offering market-leading saving rates when the base rate is high.
Description: This video explains what the Bank of England base rate is and how changes in the rate can have significant implications on your personal finances, affecting everything from mortgage rates to your savings account.