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Bank of England votes to cut base rate to 4.75%
Image of Rhiannon Philps

Rhiannon Philps

Content Writer
Published: 07/11/2024

But the fall-out from the Autumn Budget casts doubt on any future reductions.

 

As many predicted, the Bank of England’s Monetary Policy Committee (MPC) voted 8 to 1 in favour of cutting the base rate to 4.75%. This is the second reduction this year after the MPC lowered the base rate in August.

With inflation plummeting to 1.7% in September, falling below the target of 2% for the first time since April 2021, a cut to the base rate was widely expected, even after the announcements made in last week’s Autumn Budget.

The Chancellor of the Exchequer, Rachel Reeves, laid out a range of spending plans and introduced several tax hikes in the Budget, which experts predict could result in higher-than-expected inflation over the coming year. While the MPC still decided to lower the base rate this time around, there are doubts over what this could mean for their next decisions in December and in 2025.

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Santander launches new switching offer worth £150 – find out if you qualify
Santander launched its new £150 switching offer, meaning there's now even more choice on the market for potential switchers. Find out more.
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How you could get £180 with latest switching offer from NatWest
Its new current account switching offer could see customers receive the bonus in as little as seven days. Find out more.
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How you could earn £200 by switching to Lloyds Bank
The bank’s new incentive includes its Club Lloyds accounts, which come with a range of additional benefits. Find out how you can claim this latest offer.
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Earn up to £150 by switching to The Co-operative Bank
The limited-time Switch and Stay incentive from The Co-operative Bank is open to new and existing customers switching to an eligible current account. Find our more.
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Recent News

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Nationwide BS launches new benefits for current account customers – including £175 switching offer

25th September 2024

As well as a market-leading switching incentive, Nationwide BS also offers 1% cashback and a £50 interest-free overdraft buffer with selected accounts.

As well as a market-leading switching incentive, Nationwide BS also offers 1% cashback and a £50 interest-free overdraft buffer with selected accounts.

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Bank of England votes to hold base rate at 5%

19th September 2024

After making a long-anticipated cut to the base rate at its previous meeting in August, today the Bank of England’s Monetary Policy Committee (MPC) voted 8 to 1 in favour of maintaining it at 5.00%.

Base rate held at 5% as mortgage and savings rates continue to tumble.

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Relaunched: first direct’s £175 switching offer

12th September 2024

first direct relaunched its £175 switching incentive, allowing new customers to earn £175 by moving to its 1st Account. Find out more.

first direct relaunched its £175 switching incentive, allowing new customers to earn £175 by moving to its 1st Account.

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Current account switch offers disappear: Is it still worth switching?

2nd September 2024

After several current account switch incentives ended in recent weeks, there’s now just one remaining. But is it still worth switching accounts without a cash bonus?

After several current account switch incentives ended in recent weeks, there’s now just one remaining.

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Most Popular Banking News

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Top student bank account perks for September 2024

23rd July 2024

From interest-free overdrafts to exclusive discounts and vouchers on rail travel, food and more, student accounts from NatWest, Santander and other major banks are offering a range of perks.

From interest-free overdrafts to exclusive discounts and vouchers on rail travel, food and more, student current accounts can offer a range of perks.

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Reviewed: HSBC bank and its range of bank accounts

19th October 2020

HSBC has more than 40 million customers across the world. It is one of the big four banks in the UK. Consumers that switch their bank account to HSBC can currently earn £125 cash bonus on specific HSBC accounts (subject to eligibility). We review its range of bank accounts and the HSBC mobile banking app.

HSBC offers £125 cash bonus to switch to specific HSBC accounts (subject to eligibility). We review its range of bank accounts.

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Revealed: How to get £100 paid into your bank account

2nd September 2020

Today, Royal Bank of Scotland has launched a new bank account switching offer giving those that switch their main account to them a payment of £100. We also reveal the other bank account switching deals currently offering cash to swtich.

Today, Royal Bank of Scotland has launched a new bank account switching offer giving those that switch their main account to them a payment of £100. We also rev

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Digital banks on the rise: What to do if you can't access your bank account

28th October 2019

As cash machines and branches continue to close across the country, digital banking is becoming increasingly important

As cash machines and branches continue to close across the country, digital banking is becoming increasingly important

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Virgin Money customers can now use their debit card abroad for free

6th March 2020

From today, Virgin Money current account holders will be able to make transactions using their debit card while abroad without incurring any foreign currency fees

Virgin Money current account holders will be able to make transactions using their debit card while abroad without incurring any foreign currency fees

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As branches continue to close, what are the alternative ways to bank?

28th November 2019

This week, consumers were faced with more bank closures as TSB announced it is planning on closing 82 of its branches across the UK

This week, consumers were faced with more bank closures as TSB announced it is planning on closing 82 of its branches across the UK

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New overdraft charges start to impact consumers

2nd March 2020

Consumers who regularly use their overdrafts will start seeing the impact of the overdraft fee changes, with some arranged overdraft borrowers seeing their charges nearly double

Consumers regularly using overdrafts start seeing the impact of the overdraft fee changes, with some arranged overdraft borrowers seeing charges nearly double.

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Santander announces overdraft changes

14th January 2020

Santander is the latest bank to announce changes to its overdraft fees in response to the Financial Conduct Authority’s (FCA) banning of fixed fees on overdrafts

Santander is the latest bank to announce changes to its overdraft fees in response to the Financial Conduct Authority’s (FCA) banning of fixed fees on overdraft

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How to earn cashback from Amex this Christmas

5th December 2022

American Express cardholders could earn £25 cashback for supporting small businesses.

American Express cardholders could earn £25 cashback for supporting small businesses.

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Technology-based banking products launched

8th October 2019

Both NatWest and Metro Bank have announced that they are launching new technology-based products that are designed to make their customers’ money management easier and more secure

Both NatWest and Metro Bank have announced that they are launching new technology-based products that are designed to make their customers’ money management eas

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The alternatives to overdraft borrowing

12th February 2020

Over the next few months, many high street banks will be implementing new overdraft charges, which is in response to new rulings by the Financial Conduct Authority (FCA)

Over the next few months, many high street banks will be implementing new overdraft charges, which is in response to new rulings by the FCA

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The 114 HSBC branches set to close from April 2023

30th November 2022

More areas across the UK are set to lose their branch of HSBC, with 114 closures announced on top of the 69 revealed earlier in 2022.

More areas across the UK are set to lose their branch of HSBC, with 114 closures announced on top of the 69 revealed earlier in 2022.

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A quarter of all card payments now contactless

16th January 2017

The rise of contactless payments shows no signs of stopping, with new milestones being hit on a seemingly monthly basis. Well, another one has arrived, with new data showing that a quarter of all card payments are now made via contactless means.

The rise of contactless payments shows no signs of stopping, with new milestones being hit on a seemingly monthly basis. Well, another one has arrived, with...

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Current account sweeteners that can turn sour

24th January 2017

Banks have been working hard to attract your business, with many offering fantastic perks for switchers. However, these perks are starting to dwindle, so if you failed to grab a top deal last year, you may find that some are being clawed back.

Banks have been working hard to attract your business, with many offering fantastic perks for switchers. However, these perks are starting to dwindle, so if...

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New overdraft rules make it easier to avoid debt

5th February 2018

If your bank account dwindles to almost zero every month before payday, you’ll be happy to hear it’s now harder to stumble into the red. New rules have come into force that require banks to notify you when you’re getting close to going into debt.

If your bank account dwindles to almost zero every month before payday, you’ll be happy to hear it’s now harder to stumble into the red. New rules have come...

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JP Morgan launches UK current account – are better alternatives available?

22nd September 2021

JP Morgan has entered the UK consumer market with the launch of its digital bank, Chase

JP Morgan has entered the UK consumer market with the launch of its digital bank, Chase

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Top student bank account perks of 2023

17th August 2023

With exam season over and results day looming, high street names are refining their student bank account offerings ready for the next academic year’s intake. If you’re planning to start university in September, this means you could access free cash, an interest-free overdraft and more by opening or switching to a student bank account.

Find free cash, subscriptions and interest-free overdrafts on offer from high street brands such as NatWest, HSBC and Santander.

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Cut on current account cash incentives

5th August 2019

Consumers looking to switch their current account over the summer holidays could be disappointed to find that banks have slashed the free cash offered when using the Current Account Switcher Service

Consumers looking to switch current accounts over the summer could be disappointed as banks slash free cash offered when using Current Account Switcher Service.

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NatWest to trial new voice technology

13th August 2019

NatWest will be piloting new technology that will enable its customers to bank from home using just their voice, the bank has revealed

NatWest will be piloting new technology that will enable its customers to bank from home using just their voice, the bank has revealed

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Barclays backs down and agrees deal to keep cash withdrawals at the Post Office

25th October 2019

Barclays has reversed its controversial decision to no longer accept over-the-counter cash withdrawals at the Post Office.

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Customer service stats show banks are slow to replace lost cards

4th March 2020

The most recent results for bank service standards from the Financial Conduct Authority (FCA) show that although there has been progress in some areas of customer service, banks are still failing to improve in others – most notably in replacing lost debit cards within one day.

Although there has been progress in some areas of customer service, banks are still failing to improve in others – replacing lost debit cards within one day.

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Cashplus granted full UK banking licence

4th February 2021

Advanced Payment Solutions Limited, trading as Cashplus, which offers a range of business and personal banking products, has been granted a full UK banking licence

Advanced Payment Solutions Limited, trading as Cashplus, offers a range of business and personal banking products, has been granted a full UK banking licence

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Time is running out to get cashback switching deals

28th June 2021

Consumers looking to earn cashback by switching bank accounts are urged to act quickly as many of the current switching offers could end in just weeks

Consumers looking to earn cashback by switching bank accounts are urged to act quickly as many of the current switching offers could end in just weeks

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Banks ramp up the freebies in current account wars

1st February 2022

Banks are battling it out for your current account custom, with generous cash incentives and other perks now on offer to encourage you to switch. The biggest cash switching offer available is from NatWest, which will pay new customers £150 to switch to its Select Account, as long as they use the Current Account Switch Service (CASS), pay in £1,500 and register and log in to online or mobile banking. This is a big hike from the £100 NatWest offered at the end of 2021, but this deal only runs until 7 April.

Banks are battling it out for your current account custom, with generous cash incentives and other perks now on offer to encourage you to switch.

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Current account rewards disappearing

4th July 2017

Dampening activity in the banking sector has started to affect the perks that customers have been able to get on current accounts. We’ve taken a look at some of the rewards still available, to see if switching could still be worth it.

Dampening activity in the banking sector has started to affect the perks that customers have been able to get on current accounts. We’ve taken a look at some...

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Students advised to open bank account now or risk losing out on top deals

22nd August 2019

With just a few weeks left until the new university semester begins, it is vital for students to take a time out to find a competitive student account

With just a few weeks left until the new university semester begins, it is vital for students to take a time out to find a competitive student account

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Nationwide set to cut its 5% current account interest rate

27th April 2020

Consumers looking to take advantage of the 5% interest rate being offered by Nationwide on its FlexDirect account have just days left to open the account as the rate is due to be cut on 1 May 2020

Consumers looking to take advantage of the 5% interest rate being offered by Nationwide have just days left, as the rate is due to be cut.

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Banking service standards see little progress in Q1 2020

1st June 2020

The bank service standards survey results are in for Q1 2020 - How did your bank do?

The bank service standards survey results are in for Q1 2020 - How did your bank do?

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Santander ups eISA rates to 0.80% for 123 world customers

28th March 2022

Non 123 World or Select customers will be offered 0.70%. With ISA season in full swing, Santander has increased the interest on its eISAs by 0.20%. This means 123 World or Select customers will access a rate of 0.80% while other customers will be offered 0.70%. “We’re pleased to have increased rates across a range of Santander accounts recently, and our improved e-ISA offers customers one of the highest Cash ISA rates from a high street bank, with an even higher return for our 123 current account customers as a reward for banking with us,” said Hetal Parmar, Head of Banking and Savings at Santander UK.

Non 123 World or Select customers will be offered 0.70%.

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First direct celebrates 30th birthday

1st October 2019

It’s 1989, the Berlin Wall has come down and the Bank of England base rate is 14.88%. A new bank called first direct is launched by Midland Bank. It is the first telephone bank in the UK and allows consumers to bank at a time and a place convenient to them using their phone. It's launching principle is to ‘pioneer amazing service’.

It’s 1989, the Berlin Wall has come down and the Bank of England base rate is 14.88%. A new bank called first direct is launched by Midland Bank. It is the firs

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New entrants lead the way on banking service

9th July 2019

The latest service data compiled from banks across the UK marketplace shows the surprising differences in how long it takes to complete the most popular customer requests.

The latest service data compiled from banks across the UK marketplace shows the surprising differences

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Islamic banks underused despite market-leading savings products

27th July 2019

The Islamic Finance Consumer report 2019 from Gatehouse Bank has revealed that nearly half of all Muslim consumers have never used a sharia-compliant bank

The Islamic Finance Consumer report 2019 from Gatehouse Bank has revealed that nearly half of all Muslim consumers have never used a sharia-compliant bank

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Mastercard to increase European fees – how will this impact consumers?

3rd February 2021

Online shoppers buying from a Europe-based company could see an increase in prices if businesses decide to pass Mastercard’s planned European fee rise onto consumers

Online shoppers buying from a Europe-based company could see an increase in prices

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Winners and losers in FCA quarterly banking service scores

19th December 2019

The latest quarterly results for banking service standards from the Financial Conduct Authority (FCA) reveal that while some banks and building societies continue to improve, others have slipped further down the charts.

Financial Conduct Authority (FCA) reveal that while some banks & building societies continue to improve, others have slipped further down the charts.

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Metro Bank launches new cash collection service for SMEs

30th December 2019

Metro Bank has launched ‘MCASH’ – a new way for small businesses to request for cash to be collected or delivered directly to their premises.

Metro Bank has launched ‘MCASH’ – a new way for small businesses to request for cash to be collected or delivered directly to their premises.

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Cash incentives return to current account sector

8th May 2019

Many current account providers have been cutting their switching incentives, perks and interest rates recently, but a slight boost in activity this week...

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