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%.

President Donald Trump’s widespread tariffs have increased uncertainty about the outlook across the globe, and BOE officials say that’s more likely to bring inflation rates down rather than push them up.

The Bank of England has cut its main interest rate by a quarter of a percentage point, citing lower UK inflation.