in the know

Will the Bank of England cut interest rates?

The Bank of England is set to announce whether or not it will change or hold interest rates on Thursday.

The Bank’s “base rate” is used by High Street banks and other lenders who set borrowing costs.

Some investors think the first cut to the rate since 2016 could be on the cards, although others say it is too close to call.

The rate, which is currently 0.75%, affects everything from mortgages to business loans and has a big impact on people’s and companies’ finances.

So why could a cut be coming up? And how could that affect consumers’ bank balances?