The Bank of England is being urged to cut interest rates from the 16-year high of 5.25 percent now that Governor Andrew Bailey has met his inflation target.
Mr Bailey and his Monetary Policy Committe are required to do all they can to keep UK inflation at or below a target of two percent, where the rate of rising prices currently sits.
With a decision on the Base Rate – which helps to set interest rates across Britain’s financial services – due at midday, the Institute of Economic Affairs argues now is the time to cut.
Such a move would be a welcome relief to mortgage holders, who have been punished by historically high interest on loans taken with banks to buy a home.
But one benefit of high interest rates has been that those putting money away in savings accounts get higher interest earnings on their money.
Express.co.uk will be bringing you all the latest developments relating to the Base Rate today, you can follow our live blog coverage below.
