Official Bank Rate - United Kingdom British Central Bank interest rate
This page shows the current and historic values of the Official Bank Rate as set by the Central Bank of the United Kingdom (Bank of England, BoE). The BoE's Official Bank Rate is often regarded as the most important interest rate of the central bank of the UK.
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Date
|
Rate
|
|---|---|
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11-07-2024
|
4.75 %
|
|
08-01-2024
|
5.00 %
|
|
08-03-2023
|
5.25 %
|
|
06-22-2023
|
5.00 %
|
|
05-11-2023
|
4.50 %
|
|
03-23-2023
|
4.25 %
|
|
02-02-2023
|
4.00 %
|
|
12-15-2022
|
3.50 %
|
|
11-03-2022
|
3.00 %
|
|
09-22-2022
|
2.25 %
|
Chart BoE Official Bank Rate
Historical interest ratesOur content is based on reliable sources. However, we do not accept liability for any errors. The content of this website is for informational purposes only and is not intended as financial advice. Decisions you make based on the information we display are always at your own expense and risk.
Bank of England (BoE)
The Bank of England (BoE) is the central bank for the United Kingdom (which includes England). The BoE is primarily focused on maintaining price stability and supporting the British government's policy, which is aimed at economic growth. The 2 most important issues that the British central bank deals with a monetary and financial stability. Criteria for monetary stability are stable prices and confidence in the currency. In order to maintain stable prices it is important that price rises match the government's inflation targets (currently 2%). A low rate of inflation results in a stable economy and preservation of the value of the inhabitants' money.
Overview of current inflation in the United United Kingdom
Official bank rate
As a tool the BoE uses the Bank of England base rate (BOEBR), now called the Official Bank Rate. When reference is made to the British, UK's or English interest rate this often refers to this BoE Official Bank Rate. This base rate is also referred to as the Bank Rate or Bank of England base. It is the rate that the Bank of England charges banks and financial institutions for loans with a maturity of 1 day. Decisions regarding the level of the interest rate are made by the monetary policy committee (MPC).
If the Official Bank Rate is adjusted upwards or downwards this often has an effect on the level of interest rates for banking products like mortgages, savings and loans. Changes in the base rate usually also affect the exchange rate of the British Pound Sterling.