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.

6 days ago · Transition to sterling risk free rates from LIBOR; SONIA interest rate benchmark; Results and usage data

Oct 2, 2024 · Learn about interest rates and Bank Rate; Information about wholesale baserate data

What is Bank Rate? It is the core interest rate in the UK and it is our job to set it. It is the rate of interest we pay to high street banks that hold money with us and, therefore, influences their own lending and savings rates.

Sep 6, 2023 · SONIA is based on actual transactions and reflects the average of the interest rates that banks pay to borrow sterling overnight from other financial institutions and other institutional investors. Financial businesses and institutions use SONIA in a variety of ways.

Aug 16, 2024 · 41: At this meeting, six members preferred to maintain Bank Rate at 4.75%. Most indicators of UK near-term activity had weakened, but CPI inflation, wage growth and some indicators of inflation expectations had risen, adding to the risk of inflation persistence.

Higher interest rates help to slow down price rises (inflation). That is because they reduce how much is spent across the UK. Experience tells us that when overall spending is lower, prices stop rising so quickly and inflation slows down.

Use our interest rate calculator to see how interest rates work to affect borrowing and saving.

Jan 30, 2025 · This statistical release contains average interest rates across deposit or loan accounts with UK banks and building societies, calculated using data on rates and balances.

Nov 15, 2024 · The primary tool we use is Bank Rate. This is the interest rate we pay on deposits placed with us overnight by eligible firms such as commercial banks. Additionally, when required, we can buy bonds to bring down long-term interest rates on savings and loans through quantitative easing (QE).