The base rate has been held after February’s cut - so what’s the day-to-day impact on people?
The Bank of England held the interest rate at 4.5% after a previous period of increases aimed at curbing inflation. Lower interest rates generally lead to lower mortgage repayments for those with tracker mortgages, while fixed-rate mortgages remain unaffected until the term ends. Savings account interest rates may decrease, resulting in lower earnings for savers. The interest rate cut aims to stimulate economic growth amid concerns of stagnation and potential recession.
