Aug 1, 2024 · Bank Rate is the single most important interest rate in the UK. In the news, it's sometimes called the ‘Bank of England base rate’ or even just ‘the interest rate’. Our Monetary Policy Committee (MPC) sets Bank Rate.

The Bank of England sets Bank Rate. It is also sometimes known simply as ‘the interest rate’. Bank Rate influences the level of all other interest rates in the UK. Bank Rate was almost zero (0.1%) at the beginning of December 2021. It is 4.75% now. In the years between 1975 and 2007, Bank Rate was 3.5% at its lowest point and 17% at its ...

Nov 7, 2024 · The primary tool we use is Bank Rate. This is the interest rate we pay on deposits placed with us overnight by eligible firms such as commercial banks. Additionally, when required, we can buy bonds to bring down long-term interest rates on savings and loans through quantitative easing (QE).

Jan 30, 2025 · The Bank of England’s Monetary Policy Committee is responsible for making decisions about Bank Rate. Read more about Bank Rate maintained at 4.75% - December 2024 Banknotes

What is Bank Rate? It is the core interest rate in the UK and it is our job to set it. It is the rate of interest we pay to high street banks that hold money with us and, therefore, influences their own lending and savings rates.

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Dates for Monetary Policy Committee (MPC) announcements on Bank Rate and publication of MPC meeting minutes and the quarterly Monetary Policy Report.

Jan 3, 2025 · This statistical release contains average interest rates across deposit or loan accounts with UK banks and building societies, calculated using data on rates and balances.

Effective rates are average interest rates on loans or deposits calculated in a standard way. It is the interest chargeable or receivable during the period is divided by the average daily balance, and then annualised.

Aug 1, 2024 · Our quarterly Monetary Policy Report sets out the economic analysis and inflation projections that the Monetary Policy Committee uses to make its interest rate decisions.