The Bank of England is poised to implement its most substantial interest rate cuts since the 2008 financial crisis in response to global economic turbulence linked to President Trump's trade war. Economists predict a reduction in the base rate from 4.5% to 4.25%, with potential for up to a one percentage point drop over six months. This could lead to notable mortgage relief for homeowners as lenders are already lowering rates in anticipation. Several financial institutions forecast ongoing cuts to stimulate the economy amid growing volatility.
Economists expect the Bank of England to begin cutting interest rates next week due to mounting global economic headwinds, resulting in significant savings for homeowners.
The central bank's anticipated cuts could amount to a one percentage point drop over six months, the sharpest decline since the 2008 financial crisis.
Mortgage lenders have already adjusted rates, with many fixed mortgages falling below 4%, saving homeowners around £564 annually.
Economists project a series of rapid rate cuts through 2025 to address potential downturns from President Trump's trade policies.
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