Chancellor Rachel Reeves warned "millions of people are still paying higher mortgage rates" following the 2022 mini-budget, as she welcomed the interest rates cut.UK interest rates have been cut for the first time in more than four years, releasing some pressure on borrowers as the Bank of England was encouraged by signs that inflation has slowed.

Chancellor Rachel Reeves warned "millions of people are still paying higher mortgage rates" following the 2022 mini-budget, as she welcomed the interest rates cut.UK interest rates have been cut for the first time in more than four years, releasing some pressure on borrowers as the Bank of England was encouraged by signs that inflation has slowed.