Hard-pressed homeowners will be hoping for a boost from the Bank of England this lunchtime.

The Bank's monetary policy committee (MPC) is expected to reduce the cost of borrowing by 25 basis points.

While this move alone will do little to lift the malaise that has descended on the housing market, it would be a move in the right direction for consumers.

Credit is likely to remain tight for the foreseeable future, but lower interest rates should steadily start to feed through to consumer confidence.

Households are facing real financial pressure with fuel bills having risen by 15 per cent in some cases, while areas hit by last summer's floods have seen sharp increases in home insurance premiums.

The MPC has to balance the need to ease credit woes with the danger of rising inflation.

Some analysts believe that inflation will be sufficient to put off another cut in interest rates, at least until next month.

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