Interest rates live: Bank of England to vote on potential cut today

If we do see a cut today, it will be the fourth one of the year and the sixth overall in this rate-cutting cycle, which started back in August 2024.

The MPC has largely held a “once per quarter” approach to cuts, with 25 basis points knocked off each time in February, May and August so far this year.

If a fourth cut arrives – either today or in December – it will be the first time since 2008 that five rate cuts in the same year have been announced.

OK let’s lay out the basics so you know for later on.

Who: Interest rates are the domain of the Bank of England – specifically, the Monetary Policy Committee (MPC) members. There are nine of them and they vote on rate changes.

When: Today at noon. The next one is December 18, then there’s not another until February 2026.

What: The current base rate (what we call ‘the interest rate’) is 4%. The MPC members will vote on whether to keep it the same, raise it or cut it. Usually cuts/raises will be by 0.25% (called 25 basis points) but it’s far from unheard of to be double that or other figures when necessary.

Morning all, another busy day in store with the Bank of England’s latest MPC vote the headline story.

That’s later on but we’ll bring you all the analysts’ views ahead of the vote, as well as the latest business news and everything affecting your personal finances.