While many commentators are calling for a series of base rate cuts over the course of 2008, a new poll has indicated that most borrowers hold little hope of this happening. Last week, the Bank of England (BoE) opted to implement a 0.25 per cent reduction for the second time in three months to bring the base rate down to 5.25 per cent, the lowest it has been since last May. Yet despite this cut having been anticipated from last month, Lloyds TSB's new survey revealed that 52 per cent of people in January still expected the base rate to be higher in 12 months' time, compared to just 25 per cent who believed it would be lower.