UK interest rate cut: what does it mean for mortgages and savings?

The Bank of England has voted to cut the cost of borrowing, reducing the base rate to 4.25%. Here’s what it means for you

• UK interest rates fall to 4.25%

The Bank of England has cut interest rates from 4.5% to 4.25%.

It follows two interest rate cuts in the second half of last year, and another one in February this year.