United Kingdom Interest Rate  1971-2016 | Data | Chart | Calendar

The Bank of England Monetary Policy Committee voted unanimously to maintain the Bank Rate at 0.5 percent and leave the stock of purchased assets at £375 billion on June 16th, 2016 as widely expected. Policymakers reinforced that the most significant risks concern the UK referendum on EU membership. Interest Rate in the United Kingdom averaged 7.83 percent from 1971 until 2016, reaching an all time high of 17 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.

United Kingdom Interest Rate
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Actual Previous Highest Lowest Dates Unit Frequency
0.50 0.50 17.00 0.50 1971 - 2016 percent Daily
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). This page provides - United Kingdom Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. United Kingdom Interest Rate - actual data, historical chart and calendar of releases - was last updated on June of 2016.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-06-16 11:00 AM BoE Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
2016-06-16 11:00 AM BoE Quantitative Easing £375B £375B £375B £375B
2016-06-16 11:00 AM BoE MPC Vote Hike 0/9 0/9 0/9 0/9
2016-07-01 03:00 PM BoE Haldane Speech
2016-07-14 11:00 AM MPC Meeting Minutes
2016-07-14 11:00 AM BoE Interest Rate Decision 0.5% 0.0%

BoE Leaves Monetary Policy Unchanged

The Bank of England Monetary Policy Committee voted unanimously to maintain the Bank Rate at 0.5 percent and leave the stock of purchased assets at £375 billion on June 16th, 2016 as widely expected. Policymakers reinforced that the most significant risks concern the UK referendum on EU membership.

Excerpts from the Monetary Policy Summary:

The MPC set out its most recent detailed assessment of the economic outlook in the May Inflation Report.  Relative to those projections, there has been limited news on the outlook for the global economy.  Growth in the United Kingdom’s major trading partners is expected to continue at a modest pace over the next three years.  In China and other emerging markets, the prospects for activity are little changed and medium-term risks remain to the downside.  Commodity prices have risen since the Committee’s May Report, however, with sterling oil prices in particular having increased by around 10%.   

While consumer spending has been solid, there is growing evidence that uncertainty about the referendum is leading to delays to major economic decisions that are costly to reverse, including commercial and residential real estate transactions, car purchases, and business investment.  As the Committee has previously noted, potential referendum effects are making economic data releases more difficult to interpret, and the Committee is being more cautious in drawing inferences from them than would normally be the case. 

Consistent with the projections and conditioning assumptions set out in the May Report, including a gentle rise in interest rates over the forecast period, the MPC judges that it is more likely than not that Bank Rate will need to be higher by the end of the forecast period than at present to ensure inflation returns to the target in a sustainable manner.  All members agree that, given the likely persistence of the headwinds weighing on the economy, when Bank Rate does begin to rise, it is expected to do so more gradually and to a lower level than in recent cycles.  This guidance is an expectation, not a promise.  The actual path Bank Rate will follow over the next few years will depend on economic circumstances. 

As the Committee set out last month, the most significant risks to the MPC’s forecast concern the referendum.  A vote to leave the EU could materially alter the outlook for output and inflation, and therefore the appropriate setting of monetary policy.  Households could defer consumption and firms delay investment, lowering labour demand and causing unemployment to rise.  Through financial market and confidence channels, there are also risks of adverse spill-overs to the global economy.  At the same time, supply growth is likely to be lower over the forecast period, reflecting slower capital accumulation and the need to reallocate resources.  Sterling is also likely to depreciate further, perhaps sharply.  This combination of influences on demand, supply and the exchange rate could lead to a materially lower path for growth and a notably higher path for inflation than in the central projections set out in the May Inflation Report.  In such circumstances, the MPC would face a trade-off between stabilising inflation on the one hand and output and employment on the other.  The implications for the direction of monetary policy will depend on the relative magnitudes of the demand, supply and exchange rate effects.  The MPC will take whatever action is needed, following the outcome of the referendum, to ensure that inflation expectations remain well anchored and inflation returns to the target over the appropriate horizon.

BoE | Joana Taborda | joana.taborda@tradingeconomics.com
6/16/2016 12:22:34 PM

United Kingdom Money Last Previous Highest Lowest Unit
Interest Rate 0.50 0.50 17.00 0.50 percent [+]
Interbank Rate 0.55 0.55 15.63 0.50 percent [+]
Money Supply M0 77015.00 76649.00 77015.00 3528.00 GBP Million [+]
Money Supply M1 1516908.00 1512749.00 1516908.00 82171.00 GBP Million [+]
Money Supply M2 1563672.00 1555444.00 1597469.00 114644.00 GBP Million [+]
Money Supply M3 2441014.00 2442228.00 2442228.00 263027.00 GBP Million [+]
Banks Balance Sheet 3404959.00 3393458.00 4060273.00 3343030.00 GBP Million [+]
Central Bank Balance Sheet 405132.00 404299.00 414839.00 77638.00 GBP Million [+]
Foreign Exchange Reserves 139957.48 144976.46 144976.46 35190.42 USD Million [+]
Loans to Private Sector 2192746.00 2166258.00 2812876.00 8755.00 GBP Million [+]
Deposit Interest Rate 0.00 0.00 4.25 0.00 percent [+]

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