Strong performance from the FTSE 100 has raised hopes the Bank of England could finally cut interest rates.

The UK benchmark index rose 1.2 percent on Friday with Wall Street stocks also rising, with many market experts predicting a rates cut next week on August 1.

The Bank of England has consistently held the base interest rate at 5.25 percent in its latest decisions after consistently hiking the base rate in efforts to curb inflation.

A high base rate means savers have been enjoying high…