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 4.5% now. In the years between 1975 and 2007, Bank Rate was 3.5% at its lowest point and 17% at its highest.

23 hours ago · A member of the Bank of England's rate-setting committee has made a case for a steeper cut to interest rates on expectations that an inflation "hump" ahead will be temporary.

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.

5 days ago · The Bank of England has cut interest rates from 4.75% to 4.5% - the lowest base rate since June 2023

6 days ago · The Bank of England is due to make its next interest rates announcement today - and another cut looks set to be confirmed. The base rate is currently set at 4.75% and markets are expecting it...

19 hours ago · The changes follow the Bank of England's recent decision to cut interest rates from 4.75 per cent to 4.5 per cent. The Rainy Day Saver account comes with specific requirements for customers to access its rates. To qualify, customers must either pay £5 monthly for a Blue Rewards account.

2 days ago · The Bank of England cut interest rates at its first meeting of the year on 6 February, bringing the base rate from 4.75% to 4.5%. Markets are now warming up to the idea that the Bank...

5 days ago · Interest rates have fallen to a more than 18-month low following the Bank of England's Monetary Policy Committee (MPC) earlier today, with the base rate dropping from 4.75 per cent to 4.5 per cent.. The central bank has kept the base rate high in recent years as part of its efforts to bring down inflation, but what does this development mean for your savings, mortgages and pensions?

Aug 3, 2023 · The Bank of England is set to raise interest rates for the 14th time in a row to a fresh 15-year high and keep the door open for further increases as it tries to tamp down persistently high inflation.

Jan 16, 2025 · To give some context, the Bank has increased rates 14 times consecutively, aiming to curb the rapid pace of inflation, which is essentially the rate at which prices increase. The Bank’s strategy is expected to push the borrowing costs even higher this month, setting the Bank rate at 5.5%.