Bank of England cuts interest rates to 4.75% – but mortgages still set to rise

The Bank of England has cut interest rates for the second time this year, leading to a rise in mortgage rates despite the reduction. The base rate now stands at 4.75%, with expectations of gradual further decreases, though inflation may rise due to budgetary measures. Borrowers are advised to secure fixed rates soon, as savings and mortgage rates are expected to increase in the coming weeks.

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