A third of people in the UK are expecting to see a rise in interest rates in the summer, according to new research from Lloyds TSB.

Eighteen per cent of people questioned are anticipating that interest rates will rise in July, whilst a further nineteen per cent expect that the rise will occur in October.

Most of the people that responded believe that the rise will be one of just 0.25 per cent but many believe regardless of what the increase will be, it will still have an impact on future finances. Eleven per cent believe that a rate rise will have a big effect on living and everyday items whereas six per cent of people are also concerned about how they will cope financially if interest rates change.

However, twelve per cent believe that there will not be a change in rates this year.