Official bank rate in the United Kingdom (UK) 2012-2020

This statistic illustrates official bank interest rate in the United Kingdom (UK) from January 2012 to June 2020. In a bid to minimize the economic effects of the COVID-19, on the 19th of March 2020, the Bank of England cut the official bank base rate to a record low of 0.1 percent. This historic low came just one week after the Bank of England cut rates from 0.75 percent to 0.25 percent in a bid to prevent mass job cuts in the United Kingdom.

Official bank base interest rate in the United Kingdom (UK) from January 2012 to June 2020

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Source

Release date

June 2020

Region

United Kingdom

Survey time period

January 2012 to June 2020

Supplementary notes

The source added the following "‘Bank Rate’ is the single most important interest rate in the UK. It is set by the Bank of England’s Monetary Policy Committee (MPC), normally eight times a year. It is sometimes called the ‘Bank of England base rate’ or even just ‘the interest rate’ in the news."
The official bank rate paid on commercial bank reserves.

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