Will Interest Rates Go Down In 2024 Uk. This statistical release contains average interest rates across deposit or loan accounts with uk banks and building societies, calculated using data on rates and balances. Uk interest rates were cut on 1 august 2024 for the first time since 2020, bringing relief to many households and businesses struggling with higher mortgage costs and debt repayments.

Why does the bank of england alter interest. With the bank of england dropping the base rate in august for the first time since 2020, mortgage rates are nudging down.