Rates are now at their lowest since March 2023 even though inflation is well above target.

Experts think the Bank's Monetary Policy Committee (MPC) will reduce the base rate by 0.25 percentage points to 4 per cent at lunchtime.

The Bank's Monetary Policy Committee (MPC) reduced the base rate by 0.25 percentage points to 4 per cent at lunchtime.

Rates are now at their lowest since March 2023 even though inflation is well above target.