The Bank of England cut interest rates to 4.75% in November, following a previous drop in August, aiming to control inflation and support economic stability. While inflation (currently 2.3%) is closer to the 2% target than its 2022 peak (11.1%), uncertainty from global events and the UK Budget means further rate cuts may be gradual. Mortgage holders with variable rates may see immediate savings, but fixed-rate deals remain costly compared to recent years. Savings account returns could also decline, impacting savers relying on interest for income. Globally, interest rates are also falling in the US and Europe, though still high historically.