Morning Line: Why the Bank of England’s decisions still matter to you

Today's Bank of England decision on interest rates may be billed by many as a non-event - but for me it is a scary reminder that I need to get my finances in order.

After all, the men on the Monetary Policy Committee have been weighing the risks to the economy, pondering how long they can allow rates to stay low if inflation doesn’t begin to fall back and trying to work out whether the recent run of very poor UK data is the start of a period of slow growth or a sign that the economy is about to fall back into recession.

We know there are more than a handful of them who are prepared to plough more money into the economy if they believe a ‘double dip’ is a real possibility.

And if they do and they have their numbers wrong there is a risk that could one day mean much higher inflation than we have now.

For now, it seems they’re either frozen with fear about the consequences of doing the wrong thing, cannot get to grips with what the data means or believe that we need some more concrete news before they act.

Against that backdrop, it is easy to feel despondent and powerless, especially with everyone talking about rising unemployment and rising prices.

With the value of the pound shrinking, our savings losing money as prices rise and the rates on our borrowing soaring it is a struggle to know what to do.

Traditionally safe homes for your money such as government bonds are actually losing money by the day and other good homes for your cash such as the NS&I are pulling some of their best offers.

And all the government can do is promise to cut spending and only lift some taxes.

There are good reasons for the powers that be in Whitehall and Threadneedle Street to be doing what they are. But it is not without risk. Spending cuts could hamper economic growth and we may all live to regret the decision to keep interest rates at record lows despite above-target inflation.

Even if you agree with the policy decisions it is hard to shake off that feeling that we're all sitting in a slow motion car crash.

Not that I believe it is inevitable the economy will plunge into a Japan style decade of deflation and serial recessions.