The Bank of England has adopted a slow and steady approach in an ever-changing economy, betting that this more cautious strategy will drive growth and price stability. September's inflation figures played a crucial role in today's decision, with the UK's inflation rate falling below the 2% target for the first time since 2021. Furthermore, a growing trend of global easing put pressure on the central bank, with the Federal Reserve also expected to cut rates later today. Consequently, despite the budgetary headwinds, the market consensus firmly leaned towards a November rate cut, so this decision will not come as much of a surprise.

However, all eyes will now be on the MPC’s December meeting, where the Bank of England will likely exercise caution and hold rates. Therefore, while the prospect of lower rates offers a glimmer of hope for Britain's beleaguered borrowers, next month’s decision will reveal whether the dovish pivot is a watershed moment for the mortgage market or merely a false dawn in these uncertain times.