ECB to make decision on increasing interest rates

The European Central Bank meets today to consider another increase in interest rates.

There is an expectation that if the ECB gives the green light, rates will go up by a quarter of one per cent.

Those on tracker mortgages will be first to feel the pain, while 70,000 homeowners coming off fixed rates by the end of the year are also facing huge hikes in repayments.

Economist Austin Hughes said on balance the ECB should hold off hiking the rate.