While there is no way to predict the future with absolute certainty, as long as inflation remains under control we expect the Bank of England to bring the base rate down gently in 2024. However, we do not expect a return to the very low rates we have enjoyed for the past 15 years. We hope for the base rate to settle around 3% before the end of 2025, but it may stabilise at a slightly higher level, or take longer to fall to 3%.