Bank of England cuts rates but slashes growth forecast in blow to Labour - The base rate fell to 4.5% on Thursday, but the Bank halved the UK’s economic growth forecast for this year while predicting surging inflation.

Experts predict the Bank of England will cut the UK’s base interest rate, which currently sits at 4.75 per cent, to 4.5 per cent

While the cutting of interest rates will have come as a relief to Rachel Reeves, the Bank's cut to growth predictions is a major blow.