Should I change to a bank with a lower base rate?

Like we said above, the cost of money is not changing. Most banks will continue to charge you a very similar rate of interest as they did before. Just because one bank has a base rate of 7.5% and another has a rate of 8% does not mean you should switch to the bank with the lower rate. On top of this base rate will be added an additional amount of interest that they bank will charge you to cover its cost of doing business with you, and some compensation for the risk its taking in lending to you. So, after all these additions, its unlikely that the lending rate that a bank will be charging to you will be any different to the rate being charged by your current bank.

You will see no major advantage to shifting from one bank to another.