Monthly bank rate in the UK 2012-2023
The official bank base interest rate in the United Kingdom was raised five times in 2022 in response to inflation. In a bid to minimize the economic effects of the COVID-19 pandemic, the Bank of England cut the official bank base rate in March 2020 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. It remained at 0.1 percent until December 2021 and was increased to one percent in May 2022 and to 2.25 percent in October 2022. After that, the bank rate was increased almost on a monthly basis, reaching 5.25 percent in August 2023.
