The Monetary Policy Committee (MPC) will meet today to determine whether the Bank of England Base Rate will change. Most experts predict the MPC will hold interest rates at 4% again after sticky inflation figures and an uncertain economic outlook.

The base rate significantly impacts the cost of mortgages and loans, and influences the interest rates banks offer on savings accounts. It peaked at 5.25% in late 2023, but policymakers have reduced it to 4% in the months since as inflation dropped to more manageable levels. It's currently rising at a pace of 3.8% - far lower than the 11% highs seen during 2022's energy crisis, but still higher than the Bank's 2% target. The Bank of England typically raises interest rates when inflation is high to curb spending and slow price increases.

Many economists expect borrowing costs to be kept on hold following signs that inflation is continuing to cool, and as the Bank awaits measures announced in November's autumn Budget.

However, some experts, including banking giants Barclays and Goldman Sachs, are predicting a cut to 3.75%. This is because they believe policymakers may be influenced by recent economic data, which suggests a need to lower borrowing costs further.

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