The Bank of England has revealed a quarter point interest rate cut, taking it to 4.25% amid global economic turmoil caused by the US trade war.
The decision was in line with the expectations of both financial markets and economists, who have bolstered their expectations for further reductions in the months ahead due to the fallout from the Trump administration’s widespread tariffs.
Money latest: What rate cut means for you
It’s good news for those on tracker or floating mortgage deals as they will benefit immediately, while those looking to take on a new loan should also see a shift.
However, savers are likely to lose out through cuts to savings rates by lenders in the weeks ahead.
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