However, bank rate cuts could deliver a blow to working households with savings rates also likely to fall.
Andy Mielczarek, of challenger bank Chetwood Financial, said: “Any further loss of income will hit hard-working families up and down the country.
“Britons must act now to get the best returns on their hard-earned cash by choosing higher interest fixed rate bonds before rates fall.”
George Sweeney, investing expert at comparison site Finder, predicted savings rates will fall by up to 1pc by the end of the year.
He added: “Even a slight drop in the base rate will mean banks will want to get ahead of the curve and start looking to bring down savings rates as much as possible while still looking attractive to savers”.
Luciano Rispoli, senior lecturer in economics at the University of Surrey, said: “I believe that if markets start pricing in interest rates cuts in the range of 50-100 basis points by 2024 year-end, that this will be ultimately transmitted to savers, with a proportional reduction in savings rates to reflect that”.