What does the Bank of England interest rate cut mean for mortgages and savings?

Decision will lead to lower borrowing costs for those on trackers - but fixed-rate deals will stay the same

• Bank cuts interest rates to 4.5% and halves UK growth forecast
• Unambiguously bleak forecasts pave way for spending cuts
• Business live - latest updates

The Bank of England has cut interest rates from 4.75% to 4.5% - the lowest level since June 2023.