Interest rates LIVE: Bank of England set to make huge economic decision today

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The Bank of England is set to cut interest rates for the fifth time in a year (Image: Getty)

The Bank of England(BoE) is poised to cut interest rates for the fifth time in a year in a move that could reduce pressure for some mortgage holders and home buyers.

The Monetary Policy Committee (MPC) is widely expected to reduce the base rate by 0.25 percentage points to 4%, with an announcement due at around midday. It would mark the fifth reduction in the base rate since August 2024, when rates began to steadily fall from a peak of 5.25%. Many will be hoping that the BoE lowering the base rate will spark an influx of cheaper deals for mortgage holders and home buyers entering the market.

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