How will Bank of England interest rate cut affect my finances?

From mortgages to savings and from loans to credit cards, we look at impact of quarter-point cut to base rate

• Bank of England cuts interest rates to 5% in narrow vote
• Relief for borrowers as UK interest rates cut but little sign big reductions to come
• Business live

The Bank of England has voted to cut the cost of borrowing, reducing the base rate from 5.25% to 5%. It is the first cut since March 2020 and follows a succession of increases that have taken the rate from a record low of 0.1% nearly three years ago.