Bank of England holds base rate at 0.25%

The decision to maintain the base rate at 0.25% had been predicted by many economists and it comes just six weeks after the Bank of England cut the rate (which is the official borrowing rate that influences what borrowers pay and savers earn) for the first time in more than seven years.

However, further action by the Bank of England remains very much on the cards. At the time of the previous base rate reduction in August, it said it may cut the base rate later this year. The next base rate announcement is in November.

Earlier today we revealed the various lenders that are yet to pass on the savings to their mortgage customers following the August base rate cut.For more on your options see our Remortgage Guide.