How will Bank of England interest rate cut affect my finances?

From mortgages to savings and from loans to credit cards, we look at impact of quarter-point cut to base rate

• Bank of England cuts interest rates to 5% in narrow vote

The Bank of England has voted to cut the cost of borrowing, reducing the base rate from 5.25% to 5%. It is the first cut since 2020 and follows a succession of increases that have taken the rate from a record low of 0.1% nearly three years ago.

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