Sep 19, 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.

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.

Nov 15, 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).

6 days ago · Read more about Bank Rate reduced to 4.5% - February 2025 Monetary Policy Report - February 2025 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.

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

Nov 8, 2024 · Learn about interest rates and Bank Rate; Information about wholesale baserate data

The MPC currently uses two main monetary policy tools. First, we set the interest rate that banks and building societies earn on deposits, or ‘reserves’, placed with the Bank of England –this is Bank Rate. Second, we can buy government and corporate bonds, financed by the

Jan 30, 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.

Sep 19, 2024 · At its meeting ending on 8 May 2024, the MPC voted by a majority of 7–2 to maintain Bank Rate at 5.25%. Two members preferred to reduce Bank Rate by 0.25 percentage points, to 5%.

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.