As expected the Bank of England cut interest rates today to 4.75%, the second interest rate cut of the year and the lowest rate for over a year.

8 members of the committee voted to lower rates and one voted to keep them the same.

It is unlikely that there will be any further rate cuts this year but economists expect further rate cuts next year. Uncertainty following the USA election will effect future rate cuts but the Bank of England has already made it clear that the biggest driver will be UK inflation rates.

The likelihood is that rates will fall more slowly next year than was expected.