Key data points
Last release
—
Observation period
Nov 7, 2024
Next release
—
Forecast
—
Highest
17.00 % on Jul 1, 1980
Lowest
0.10 % on Nov 4, 2021
About UK interest rate
In the United Kingdom, benchmark interest rate is set by the Monetary Policy Committee (MPC). The Bank of England official interest rate is the repo rate. This repo rate applies to open market operations of the Bank of England with a group of counterparties (banks, building societies, securities firms).
Related indicators
Frequently Asked Questions
UK interest rate is 4.75% at the moment.
Last month UK interest rate was 4.75%, and the month before that it amounted to 5%.
Interest rate is the proportion of a loan that is charged as interest to the borrower, typically an annual percentage of the loan outstanding. When it comes to the national level, interest rate is a rate at which banks borrow money from a country's central bank.
Yes, negative interest rate can be used by the government as a monetary policy tool to stimulate economy growth.
Growing or falling interest rate can influence the country's economy, stimulate it or lower the inflation level. Even people can feel the effect of interest rate's movements — for example, if interest rate increases, loans get more expensive.