Interest rates live: Bank of England set to cut interest rates in boost for mortgage holders
Interest rates live: Bank of England set to cut interest rates in boost for mortgage holders
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Experts predict the Bank of England will cut the UK’s base interest rate, which currently sites at 4.75 per cent, to 4.5 per cent. The UK’s base interest rate is expected to fall to its lowest point in more than 18 months, providing a welcome boost for mortgage holders. Analysts believe senior economists at the Bank of England will cut the interest rate from 4.75 per cent to 4.5 per cent in its monthly announcement on Thursday morning.
![[The Bank of England in London’s financial district (Yui Mok/PA)]](https://static.independent.co.uk/2025/02/02/09/5cd41a9f208811bda7dbebc189bc54cfY29udGVudHNlYXJjaGFwaSwxNzM4NDA3Njk0-2.78524448.jpg)
The base rate helps dictate the cost of borrowing such as taking out mortgage with some products, known as tracker mortgages, following it. The figure also impacts rates paid by individuals and businesses to take out loans. But after the rate rose as high as 5.25 per cent in late 2023, there is an indication it will continue to fall, especially after inflation unexpectedly fell to 2.5 per cent in December.
