United Kingdom Interest Rate 1971-2015 | Data | Chart | Calendar

The Bank of England’s Monetary Policy Committee voted to maintain the Bank Rate at 0.5% at its March 5th, 2015 meeting. The Committee also voted to maintain the stock of purchased assets financed by the issuance of central bank reserves at £375 billion. Interest Rate in the United Kingdom averaged 8.02 Percent from 1971 until 2014, 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.

      Forecast    
United Kingdom Interest Rate


Actual Previous Highest Lowest Dates Unit Frequency
0.50 0.50 17.00 0.50 1971 - 2015 percent Daily
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. Content for - United Kingdom Interest Rate - was last refreshed on Tuesday, March 31, 2015.


BoE Leaves Monetary Policy Unchanged


The Bank of England left the Bank Rate on hold at a record low 0.5 percent on March 5th as widely expected. The size of the Asset Purchase Programme was left unchanged at £375 billion.

The benchmark interest rate has been kept at a record low for the past six years. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.5 percent on 5 March 2009.  A programme of asset purchases financed by the issuance of central bank reserves was also initiated on 5 March 2009. 

Although markets expect the central bank to raise rates this year, inflation is well below the 2 percent target and policymakers believe it is more likely than not it will fall below zero in the coming months. 

In January, annual inflation rate touched a record low 0.3 percent due to falling motor fuel prices. Also, house prices fell 0.3 percent between January and February, according to Halifax data.

BoE | Joana Taborda | joana.taborda@tradingeconomics.com
3/5/2015 12:23:37 PM


Recent Releases

BoE Shows Concerns Over Low Inflation
Inflation rate is more likely than not to fall below zero, according to latest Inflation Report released by the Bank of England. Policymakers also said they are ready to take whatever action is needed to ensure inflation comes back to target, including cutting rates. Published on 2015-02-12

BoE Holds Rates at Record Low
The Bank of England left the Bank Rate steady at 0.5 percent at its February 5th meeting, as widely expected. The size of the Asset Purchase Programme was left unchanged at £375 billion. Published on 2015-02-05


Calendar GMT Event Actual Previous Consensus Forecast (i)
2015-03-12 12:45 PM
BoE Gov Carney Speaks 
2015-03-18 09:30 AM
MPC Meeting Minutes 
2015-03-26 09:30 AM
BoE Financial Policy Committee Statement 
2015-04-09 12:00 PM
BoE Interest Rate Decision 
0.5% 0.5%
2015-04-22 09:30 AM
MPC Meeting Minutes 
2015-05-11 12:00 PM
BoE Interest Rate Decision 
0.5%


United Kingdom Money Last Previous Highest Lowest Unit
Interest Rate 0.50 0.50 17.00 0.50 percent [+]
Interbank Rate 0.53 0.53 18.11 0.48 percent [+]
Money Supply M0 71036.00 70424.00 71036.00 3528.00 GBP Million [+]
Money Supply M1 1378018.00 1369352.00 1378018.00 82171.00 GBP Million [+]
Money Supply M2 1503240.00 1495618.00 1503240.00 114644.00 GBP Million [+]
Money Supply M3 2348442.00 2360178.00 2423859.00 263027.00 GBP Million [+]
Central Bank Balance Sheet 405132.00 405184.00 414839.00 77638.00 GBP Million [+]
Foreign Exchange Reserves 113859.57 108997.95 113859.57 35190.42 USD Million [+]
Loans to Private Sector 9296.08 2160020.00 2601972.00 9046.00 GBP Million [+]
Banks Balance Sheet 3385402.00 3347188.00 4060273.00 3343030.00 GBP Million [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.25 Mar/15 2.25 17.50 2.25 percent [+]
Brazil 12.75 Mar/15 12.25 45.00 7.25 percent [+]
Canada 0.75 Mar/15 0.75 16.00 0.25 percent [+]
China 5.35 Mar/15 5.60 10.98 5.31 percent [+]
Euro Area 0.05 Mar/15 0.05 4.75 0.05 percent [+]
France 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Germany 0.05 Mar/15 0.05 4.75 0.05 percent [+]
India 7.50 Mar/15 7.75 14.50 4.25 percent [+]
Indonesia 7.50 Mar/15 7.50 12.75 5.75 percent [+]
Italy 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Japan 0.00 Mar/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Mar/15 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Russia 14.00 Mar/15 15.00 17.00 5.00 percent [+]
South Korea 1.75 Mar/15 2.00 5.25 1.75 percent [+]
Spain 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Switzerland -0.75 Mar/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 Mar/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 Mar/15 0.50 17.00 0.50 percent [+]
United States 0.25 Mar/15 0.25 20.00 0.25 percent [+]