{"id":84107,"date":"2025-05-08T08:16:09","date_gmt":"2025-05-08T08:16:09","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/84107\/"},"modified":"2025-05-08T08:16:09","modified_gmt":"2025-05-08T08:16:09","slug":"interest-rates-live-bank-of-england-urged-to-make-cut-to-4-personal-finance-finance","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/84107\/","title":{"rendered":"Interest rates LIVE: Bank of England urged to make cut to 4% | Personal Finance | Finance"},"content":{"rendered":"<p>A rate cut helps ease financial burdens on households by lowering borrowing costs.<\/p>\n<p>For those with variable-rate <a data-link-tracking=\"InArticle|Link\" title=\"Mortgage\" href=\"https:\/\/www.express.co.uk\/latest\/mortgage\" target=\"_blank\" rel=\"noopener\">mortgages<\/a> or loans, you might see a decrease in monthly payments. However, it may also lead to lower returns on savings accounts.<\/p>\n<p>To help secure better returns for longer, it might be worth exploring fixed rate <a data-link-tracking=\"InArticle|Link\" title=\"Savings\" href=\"https:\/\/www.express.co.uk\/latest\/savings\" target=\"_blank\" rel=\"noopener\">savings<\/a> accounts ahead of any potential future cuts. These accounts allow you to lock in the <a href=\"https:\/\/www.express.co.uk\/latest\/interest-rates\" data-link-tracking=\"InArticle|AutoLink\" target=\"_blank\" rel=\"noopener\">interest rate<\/a> at the time of opening for a set period of time.<\/p>\n<p>For those still struggling with high-interest debt, there are things you can do now to cut costs. John Webb, consumer expert at Experian, said: &#8220;Given this potential [base rate] change, it&#8217;s helpful to understand how you can manage your finances more effectively. Experian data reveals that British households are paying over \u00a31,300 a year in unnecessary interest payments.<\/p>\n<p>&#8220;If you have a <a data-link-tracking=\"InArticle|Link\" title=\"Credit card\" href=\"https:\/\/www.express.co.uk\/latest\/credit-card\" target=\"_blank\" rel=\"noopener\">credit card<\/a> with interest, you could save an average of \u00a31,391.69 annually by switching to a balance transfer card. It\u2019s a good idea to regularly review your borrowing and take advantage of eligibility checks to see if you can lower the cost of your existing debt.<\/p>\n<p>&#8220;If you\u2019re struggling with the cost of debt, or worried you\u2019ll miss repayments and damage your credit score, then it\u2019s the right time to speak to a free debt advice service like National Debtline or Christians Against Poverty.<\/p>\n<p>&#8220;They can provide valuable guidance and assistance tailored to your situation, helping you navigate these changes and get you back on top of your finances.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"A rate cut helps ease financial burdens on households by lowering borrowing costs. For those with variable-rate mortgages&hellip;\n","protected":false},"author":2,"featured_media":84108,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5008],"tags":[936,748,1700,393,3448,4884,476,478,40549,40550,40548,40547,40552,40551,3713,3028,1219,16,15],"class_list":{"0":"post-84107","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-england","8":"tag-bank-of-england","9":"tag-britain","10":"tag-economy","11":"tag-england","12":"tag-gdp","13":"tag-great-britain","14":"tag-inflation","15":"tag-interest-rates","16":"tag-interest-rates-andrew-bailey","17":"tag-interest-rates-bank-of-england","18":"tag-interest-rates-decision","19":"tag-interest-rates-live","20":"tag-interest-rates-meet","21":"tag-interest-rates-uk","22":"tag-mortgage","23":"tag-savings","24":"tag-trade-war","25":"tag-uk","26":"tag-united-kingdom"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/84107","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=84107"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/84107\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/84108"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=84107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=84107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=84107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}