Headline inflation reaccelerated in October to the highest rate since April 2024. 

Monthly GDP fell by 0.1% in September, with quarterly growth slowing to 0.1%.

The lender has passed on the full Bank Base Rate reduction plus an additional 0.50% cut.

The swaps market has been rising since mid-September.

Industry experts predict further reductions in the months ahead but say the Budget may slow the pace of future cuts.

The OBR says market expectations for interest rates remain volatile and predicts further increases in mortgage rates.

September marks the first time inflation has been below the Bank of England's 2% target since April 2021.

Rory Joseph and Sebastian Murphy, directors at JLM Mortgage Services, discuss the future path of Bank Rate and whether we could see 3% interest rates by the end of 2025.

Pill says the need for such caution "points to a gradual withdrawal of monetary policy restriction".

The number of tracker mortgages taken out has risen from 118,818 in 2021 to 198,044 by Q1 of 2024.