The Bank of England looks set to cut interest rates on Thursday for only the third time since just after the start of the COVID-19 pandemic in 2020, as it juggles the need to help the sluggish economy with still-strong inflation pressures.

The base rate is currently at 4.75% after it was held at the previous Bank of England meeting in December 2024 - but is another cut in store for this Thursday?

The Bank of England (BoE) is set to cut interest rates in its next meeting this Thursday from 4.75% to 4.5%, following lower-than-expected inflation figures for December but ongoing concerns about sluggish economic growth. White House reiterates Trump plans to impose tariffs on China, Canada, and Mexico starting on Saturday

A cut to interest rates could mean lower mortgage rates.

The Bank of England will cut interest rates six times this year despite signs that inflationary pressures might be on the rise again.

The Bank of England must contend with a slowdown in Britain's economy but also stubborn inflation pressures when it considers whether to cut interest rates in early February as well as its message about the outlook for the rest of the year.

A CNBC report revealed that economists are betting on the Bank of England cutting rates by 25 basis points from 4.75% to 4.5% in the Thursday Monetary Policy Committee meeting. The expected rate cuts come as the UK economy continues to stagnate,

The cost of borrowing is expected to fall to its lowest point in more than 18 months on Thursday. Senior economists at the Bank of England will announce whether they are cutting the UK's base interest rate,