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Bank of England cuts interest rate to 4.5 percent - what it means for your mortgage
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manchestereveningnews.co.ukThe Bank of England has announced a cut to interest rates today (February 6), reducing the UK base rate from 4.75 percent down to 4.5 percent.
After the Monetary Policy Committee voted by a majority of 7-2, the cost of borrowing has now fallen to its lowest point in more than 18 months, after being sat at 4.75 percent since November 2024.
The base rate helps dictate how expensive it is to take out a mortgage or a loan, whilst it also influences the interest rates offered by banks on savings accounts.
In recent years, several interest rate rises have been put in place in an attempt to bring inflation down to the government's target of 2 percent.
Read more on manchestereveningnews.co.uk
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