The base rate is currently 4.5% - most analysts expect a cut to 4.25% Thanks for joining us for the Bank of England’s decision on interest rates, which comes just after midday. The Bank’s rate, which dictates borrowing costs for households and businesses - such as mortgages and loans - currently stands at 4.5%.

The Bank of England cut rates, highlighting a growing gap in how global central banks and the Federal Reserve are approaching Trump’s tariffs.

The Bank of England is cutting its main interest rate by a quarter of a percentage point to 4.25% amid concerns over the potential shock to global growth emanating from the tariff policies of the Trump administration.