Interest rates live updates: Bank of England base rate cut to help slash mortgage bills

The Bank of England has cut interest rates for the second time this year to 4.75%, benefiting mortgage-holders and borrowers with lower monthly payments. Homeowners with tracker mortgages will see a £28.98 average decrease, while those on standard variable rates will experience a £17.17 reduction. This decision follows increased government spending and precedes potential future rate cuts amid global uncertainty.

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