With inflation much lower than its peak, the Bank has – and still is – expected to reduce interest rates.

But recent events, such as the Budget and now a higher-than-expected inflation rate, mean the markets have revised their predictions for when and how often those cuts will come.

Even the Bank’s governor cautioned they could not be cut “too quickly or by too much”, prompting forecasts that the base rate is unlikely to be reduced in December.

The impact for homeowners is that fixed mortgage rates have actually been creeping up, despite the latest interest rate cut.

Official figures show the cost of renting a home has also risen. Average rent paid to private landlords was up 8.7% in year to October, the ONS says, external.

Savers, however, may see the interest paid on their savings hold up better than would otherwise be the case.