Are UK interest rate cuts making mortgages and loans cheaper?
An interest rate tells you how much it costs to borrow money, or the reward for saving it.
The Bank of England's base rate is what it charges other lenders to borrow money.
This influences what they charge their customers for loans such as mortgages, as well as the interest rate they pay on savings accounts.
The Bank moves rates up and down in order to control UK inflation - which is the increase in the price of something over time.
When inflation is high, it may decide to raise rates to bring inflation back down towards its 2% target.
The idea is to encourage people to spend less and reduce demand.
Once inflation is at or near the target, the Bank may hold rates, or cut them.
