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What does the interest rate change mean for savers and borrowers? Guy Anker is the managing editor of moneysavingexpert.com

Mr Anker told James Robbins on the World at One that savings rates were "dire and about to get more dire" but it was good news for those with tracker mortgages as rates would go down, "saving around 拢20 a month".

He also advised people looking for a mortgage not to wait as rates would probably not fall much lower.

(Photo: Bank of England. Credit: Getty Images)