United Kingdom Interest Rate

The benchmark interest rate in the United Kingdom was last recorded at 0.50 percent. Interest Rate in the United Kingdom averaged 8.07 Percent from 1971 until 2014, reaching an all time high of 17.00 Percent in November of 1979 and a record low of 0.50 Percent in March of 2009. Interest Rate in the United Kingdom is reported by the Bank of England.

   
 
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United Kingdom Interest Rate


Actual Previous Highest Lowest Dates Unit Frequency
0.50 0.50 17.00 0.50 1971 - 2014 Percent Monthly
In the United Kingdom, the Bank of England has operational independence. Decisions on interest rates are taken 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). This page provides - United Kingdom Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.


BoE Leaves Monetary Policy Unchanged


At its July 10th meeting, the Monetary Policy Committee of the Bank of England left the bank rate at 0.5 percent and the stock of purchased assets financed by the issuance of central bank reserves at £375 billion.

Minutes of June's meeting showed the Bank of England could raise rates before the end of 2014, but apparently the labor market slack has not been reduced enough to tighten policy. 

In the three months to April of 2014, the unemployment rate decreased to 6.6 percent from 6.8 percent in the previous period, reaching its lowest level since early 2009. On the other hand, the inflation rate slowed to 1.5 percent in May, from 1.8 percent in April, the lowest rate in more than four years.

The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.5% on 5 March 2009. A programme of asset purchases financed by the issuance of central bank reserves was initiated on 5 March 2009.  The previous change in the size of that programme was an increase of £50 billion to a total of £375 billion on 5 July 2012.

Bank of England | Joana Taborda | joana.taborda@tradingeconomics.com
7/10/2014 12:23:15 PM


Recent Releases

BoE Signals Rate Increase
Minutes of June's monetary policy meeting showed the Bank of England could raise rates before the end of this year. Although slack estimations remain unchanged, policymakers said they were uncertain and found it somewhat surprising that markets attached only a relatively low probability of a Bank Rate increase this year. Published on 2014-06-18

Bank of England Hints Rate Rise in 2014
On June 12th, during the annual Mansion House speech, Mark Carney said the Bank of England could raise interest rates from a record low earlier than expected as the mounting debt related to the housing market could undermine stability. Published on 2014-06-13


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2014-04-10 12:00 PM United Kingdom
BoE Interest Rate Decision
0.5% 0.5% 0.5% 0.5%
2014-04-23 09:30 AM United Kingdom
MPC Meeting Minutes
2014-05-08 12:00 PM United Kingdom
BoE Interest Rate Decision
0.5% 0.5% 0.5% 0.5%
2014-05-14 09:30 AM United Kingdom
BoE Inflation Report
2014-05-21 09:30 AM United Kingdom
MPC Meeting Minutes


Money Last Previous Highest Lowest Unit
Interest Rate 0.50 0.50 17.00 0.50 Percent [+]
Interbank Rate 0.55 0.55 18.11 0.48 Percent [+]
Money Supply M0 67939.00 67558.00 67939.00 3528.00 GBP Million [+]
Money Supply M1 1321955.00 1318913.00 1321955.00 82171.00 GBP Million [+]
Money Supply M2 1453458.00 1443397.00 1453458.00 114644.00 GBP Million [+]
Money Supply M3 2358966.00 2369313.00 2423859.00 263027.00 GBP Million [+]
Central Bank Balance Sheet 404979.80 404797.00 415099.00 76991.00 GBP Million [+]
Foreign Exchange Reserves 111781.49 107265.12 111781.49 35190.42 USD Million [+]
Loans to Private Sector 2184729.00 2232036.00 2601972.00 9046.00 GBP Million [+]





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