UK interest rate cut: what does it mean for mortgages and savings?

Base rate reduction to 4% will hit some savers, but people with tracker home loans will see immediate benefit

Bank cuts interest rate for fifth time in a year
Base rate gift signals wage rise conflict is on the way

The Bank of England has cut interest rates from 4.25% to 4%. It is the fifth reduction in a year and takes rates back to where they were in March 2023.