United Kingdom Interest Rate 1971-2014 | Data | Chart | Calendar

The benchmark interest rate in the United Kingdom was last recorded at 0.50 percent. Interest Rate in the United Kingdom averaged 8.05 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.

   
 
 

United Kingdom Interest Rate


Actual Previous Highest Lowest Dates Unit Frequency
0.50 0.50 17.00 0.50 1971 - 2014 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 Wednesday, October 22, 2014.


BoE Leaves Rates at Record Low


At its October meeting, the Bank of England decided to leave the bank rate on hold at 0.5 percent. The stock of purchased assets financed by the issuance of central bank reserves was also left unchanged at £375 billion.

The decision was widely expected as previous speeches from Governor Mark Carney signaled the benchmark rate will start rise only by the spring of 2015. However, in the previous two MPC meetings, two members voted for a rate hike.

Most recent data suggest the strong economic recovery may be slowing down. Although GDP growth accelerated for the second consecutive quarter in the April to June period, expanding by 0.9 percent, annual inflation rate slowed for the second consecutive month to 1.5 percent in August, remaining below the central bank’s 2 percent target for the eight straight month. Meanwhile, unemployment rate continued to fall to 6.2 percent in the three months to July of 2014, but employment increased at its slowest pace in more than a year. 

The latest Halifax House Price Index data showed a slowdown in house prices. Year-on-year, property prices rose 9.6 percent in the three months to September, similar to August (9.7 percent) and lower than July’s 10.2 percent.

The previous change in the bank rate was a reduction of 0.5 percentage points to 0.5 percent on 5 March 2009.

BoE | Joana Taborda | joana.taborda@tradingeconomics.com
10/9/2014 12:29:42 PM


Recent Releases

BoE May Raise Rates Sooner Than Expected
In a speech during the 146th annual Trades Union Congress, the Bank of England Governor Mark Carney signaled the benchmark interest rate may start rising by the spring of 2015, as the economic recovery has exceeded all expectations. Published on 2014-09-09

BoE Leaves Monetary Policy Unchanged
At its September meeting, the Bank of England decided to leave the bank rate at 0.5 percent and the stock of purchased assets financed by the issuance of central bank reserves at £375 billion. Published on 2014-09-04


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2014-07-10 12:00 PM United Kingdom
BoE Interest Rate Decision
0.5% 0.5% 0.5% 0.5%
2014-07-23 09:30 AM United Kingdom
MPC Meeting Minutes
2014-08-07 12:00 PM United Kingdom
BoE Interest Rate Decision
0.5% 0.5% 0.5% 0.5%
2014-08-13 09:30 AM United Kingdom
BoE Inflation Report
2014-08-20 09:30 AM United Kingdom
MPC Meeting Minutes


United Kingdom Money Last Previous Highest Lowest Unit
Interest Rate 0.50 0.50 17.00 0.50 Percent [+]
Interbank Rate 0.54 0.54 18.11 0.48 Percent [+]
Money Supply M0 68093.00 67939.00 68093.00 3528.00 GBP Million [+]
Money Supply M1 1323864.00 1321955.00 1323864.00 82171.00 GBP Million [+]
Money Supply M2 1459354.00 1453458.00 1459354.00 114644.00 GBP Million [+]
Money Supply M3 2352032.00 2358966.00 2423859.00 263027.00 GBP Million [+]
Central Bank Balance Sheet 405132.00 405184.00 414839.00 77638.00 GBP Million [+]
Foreign Exchange Reserves 110747.66 111781.49 111781.49 35190.42 USD Million [+]
Loans to Private Sector 2175067.00 2184729.00 2601972.00 9046.00 GBP Million [+]
Banks Balance Sheet 3342804.00 3415742.00 4060273.00 3342804.00 GBP Million [+]