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

The Bank of England Monetary Policy Committee voted unanimously to hold the Bank Rate at a record low of 0.25 percent and to leave the stock of purchased assets at £435 billion on September 15th 2016, in order to bring inflation back to 2% target and to support growth and employment. The central bank also said that a majority of members would support a further rate cut in November if the outlook at that time is consistent with the August Inflation Report projections. Interest Rate in the United Kingdom averaged 7.80 percent from 1971 until 2016, reaching an all time high of 17 percent in November of 1979 and a record low of 0.25 percent in August of 2016. Interest Rate in the United Kingdom is reported by the Bank of England.

United Kingdom Interest Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-08-04 11:00 AM BoE Interest Rate Decision 0.25% 0.5% 0.25% 0.25%
2016-09-15 11:00 AM BoE Interest Rate Decision 0.25% 0.25% 0.25% 0.25%
2016-09-15 11:00 AM BoE Quantitative Easing £435B £435B £435B £435B
2016-10-24 03:15 AM BoE Haldane Speech
2016-10-24 06:30 AM BoE Shafik Speech
2016-10-25 02:35 PM BoE Gov Carney Speech

UK Holds Base Rate at Record Low of 0.25%

The Bank of England Monetary Policy Committee voted unanimously to hold the Bank Rate at a record low of 0.25 percent and to leave the stock of purchased assets at £435 billion on September 15th 2016, in order to bring inflation back to 2% target and to support growth and employment. The central bank also said that a majority of members would support a further rate cut in November if the outlook at that time is consistent with the August Inflation Report projections.

Excerpts from the Monetary Policy Summary:

The package of measures announced by the Committee at its August meeting led to a greater than anticipated boost to UK asset prices. Short and long-term market interest rates fell notably following the announcement; corporate bond spreads narrowed, and issuance was strong; and equity prices rose. Since then, some of the falls in yields have reversed, driven by somewhat stronger-than-expected UK data and a generalised rise in global yields.

Many banks announced cuts in Standard Variable Rate and Tracker mortgage rates in line with the cut in Bank Rate. Deposit rates fell in August, although on average these falls were slightly smaller than the cut in Bank Rate. Fixed rates on new mortgage lending also fell. 

Overall, while the evidence on the initial impact of the policy package is encouraging, the Committee will monitor closely changes in asset prices and in interest rates facing households and firms and their effect on economic activity.

The MPC set out its most recent detailed assessment of the economic outlook in the August Inflation Report.  Based on the data available at that time, the Committee judged that the UK economy was likely to see little growth in the second half of 2016.  In light of the tendency for survey indicators to overreact to unexpected events, the Committee expected some bounce-back in surveys of business and consumer sentiment following the sharp falls in the immediate aftermath of the vote to leave the European Union. Nevertheless, since the August Inflation Report, a number of indicators of near-term economic activity have been somewhat stronger than expected.  The Committee now expect less of a slowing in UK GDP growth in the second half of 2016. 

Twelve-month CPI inflation remained at 0.6% in August, lower than projected at the time of the August Inflation Report, and well below the 2% inflation target. As the unusually large drags from energy and food prices attenuate, CPI inflation is expected to rise to around its 2% target in the first half of 2017, consistent with the August Inflation Report, albeit with the projection a little lower over the remainder of 2016 than had been anticipated in August. 

The Committee’s view of the contours of the economic outlook following the EU referendum had not changed. News on the near-term momentum of the UK economy had, however, been slightly to the upside relative to the August Inflation Report projections. The Committee will assess that news, along with other forthcoming indicators, during its November forecast round. If, in light of that full updated assessment, the outlook at that time is judged to be broadly consistent with the August Inflation Report projections, a majority of members expect to support a further cut in Bank Rate to its effective lower bound at one of the MPC’s forthcoming meetings during the course of this year.  The MPC currently judges this bound to be close to, but a little above, zero.

BoE | Joana Ferreira | joana.ferreira@tradingeconomics.com
9/15/2016 11:24:16 AM

United Kingdom Money Last Previous Highest Lowest Unit
Interest Rate 0.25 0.25 17.00 0.25 percent [+]
Interbank Rate 0.40 0.40 15.63 0.38 percent [+]
Money Supply M0 79597.00 78887.00 79597.00 3528.00 GBP Million [+]
Money Supply M1 1616854.00 1593775.00 1616854.00 82171.00 GBP Million [+]
Money Supply M2 1604618.00 1596953.00 1604618.00 114644.00 GBP Million [+]
Money Supply M3 2588980.00 2558762.00 2588980.00 263027.00 GBP Million [+]
Central Bank Balance Sheet 405132.00 404299.00 414839.00 77638.00 GBP Million [+]
Banks Balance Sheet 3510166.00 3496688.00 4060273.00 3343030.00 GBP Million [+]
Foreign Exchange Reserves 146730.02 147319.66 149048.33 35190.42 USD Million [+]
Loans to Private Sector 2226072.00 2192800.00 2813025.00 8755.00 GBP Million [+]
Deposit Interest Rate 0.00 0.00 4.25 0.00 percent [+]
Private Debt to GDP 229.64 238.34 241.34 153.37 percent [+]

United Kingdom Interest Rate Notes

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 October of 2016.

Actual Previous Highest Lowest Dates Unit Frequency
0.25 0.25 17.00 0.25 1971 - 2016 percent Daily

Malawi 27.00 Sep/16
Argentina 26.75 Oct/16
Ghana 26.00 Sep/16
Mozambique 23.25 Oct/16
Gambia 23.00 Aug/16
Venezuela 21.99 Aug/16
Haiti 20.00 Sep/16
Iran 20.00 Dec/16
Belarus 18.00 Sep/16
Angola 16.00 Sep/16
Zambia 15.50 Sep/16
Afghanistan 15.00 Sep/16
Azerbaijan 15.00 Sep/16
Mongolia 15.00 Sep/16
Ukraine 15.00 Sep/16
Yemen 15.00 Sep/16
Sudan 14.20 Apr/16
Brazil 14.00 Oct/16
Nigeria 14.00 Sep/16
Uganda 14.00 Sep/16
Liberia 13.57 Jun/16
Djibouti 12.70 Dec/14
Guinea 12.50 Sep/16
Kazakhstan 12.50 Oct/16
Suriname 12.50 Dec/15
Seychelles 12.34 Aug/16
Tanzania 12.00 Sep/16
Egypt 11.75 Sep/16
Tajikistan 11.00 Sep/16
Zimbabwe 10.69 Jul/16
Sierra Leone 10.50 Sep/16
Kenya 10.00 Sep/16
Lebanon 10.00 Sep/16
Myanmar 10.00 Sep/16
Russia 10.00 Sep/16
Sao Tome and Principe 10.00 Sep/16
Moldova 9.50 Sep/16
Uruguay 9.25 Sep/16
Mauritania 9.00 Sep/16
Uzbekistan 9.00 Sep/16
Burundi 8.89 Sep/16
Ecuador 8.78 Sep/16
Madagascar 8.30 Sep/16
Colombia 7.75 Sep/16
Cape Verde 7.50 Sep/16
Turkey 7.50 Oct/16
Congo 7.00 Sep/16
Maldives 7.00 Sep/16
Namibia 7.00 Oct/16
Nepal 7.00 Sep/16
South Africa 7.00 Sep/16
Sri Lanka 7.00 Sep/16
Swaziland 7.00 Sep/16
Armenia 6.75 Sep/16
Bangladesh 6.75 Sep/16
Lesotho 6.69 Jun/16
Georgia 6.50 Sep/16
Rwanda 6.50 Sep/16
Vietnam 6.50 Sep/16
India 6.25 Oct/16
Papua New Guinea 6.25 Oct/16
Bhutan 6.00 Sep/16
Kyrgyzstan 6.00 Sep/16
Pakistan 5.75 Sep/16
Botswana 5.50 Oct/16
Brunei 5.50 Sep/16
Honduras 5.50 Sep/16
Paraguay 5.50 Oct/16
Iceland 5.25 Oct/16
Bosnia and Herzegovina 5.01 Jul/16
Dominican Republic 5.00 Oct/16
Ethiopia 5.00 Sep/16
Guyana 5.00 Sep/16
Jamaica 5.00 Sep/16
Indonesia 4.75 Oct/16
Mexico 4.75 Sep/16
Trinidad and Tobago 4.75 Sep/16
Bahamas 4.50 Aug/16
Laos 4.50 Sep/16
Qatar 4.50 Sep/16
El Salvador 4.48 Jun/16
China 4.35 Sep/16
Peru 4.25 Oct/16
Tunisia 4.25 Sep/16
Algeria 4.00 Sep/16
Iraq 4.00 Sep/16
Macedonia 4.00 Sep/16
Mauritius 4.00 Sep/16
Serbia 4.00 Oct/16
Jordan 3.75 Sep/16
Benin 3.50 Sep/16
Burkina Faso 3.50 Sep/16
Chile 3.50 Oct/16
Guinea Bissau 3.50 Sep/16
Ivory Coast 3.50 Sep/16
Mali 3.50 Sep/16
Niger 3.50 Sep/16
Senegal 3.50 Sep/16
Togo 3.50 Sep/16
Barbados 3.13 Sep/16
Guatemala 3.00 Sep/16
Libya 3.00 Sep/16
Malaysia 3.00 Sep/16
Philippines 3.00 Sep/16
Belize 2.50 Aug/16
Croatia 2.50 Aug/16
Cameroon 2.45 Sep/16
Central African Republic 2.45 Sep/16
Chad 2.45 Sep/16
Equatorial Guinea 2.45 Sep/16
Gabon 2.45 Sep/16
Republic of the Congo 2.45 Sep/16
Cuba 2.25 Sep/16
Kuwait 2.25 Sep/16
Morocco 2.25 Sep/16
Bolivia 2.10 Aug/16
New Zealand 2.00 Sep/16
Saudi Arabia 2.00 Sep/16
Costa Rica 1.75 Sep/16
Romania 1.75 Sep/16
Australia 1.50 Oct/16
Poland 1.50 Oct/16
Thailand 1.50 Sep/16
Cambodia 1.45 Jun/16
Taiwan 1.38 Sep/16
Albania 1.25 Oct/16
South Korea 1.25 Oct/16
United Arab Emirates 1.25 Sep/16
Comoros 1.16 Sep/16
Oman 1.00 Sep/16
Hungary 0.90 Sep/16
Bahrain 0.75 Sep/16
Hong Kong 0.75 Sep/16
Macau 0.75 Sep/16
Canada 0.50 Oct/16
Fiji 0.50 Sep/16
Norway 0.50 Sep/16
United States 0.50 Sep/16
Panama 0.47 Jul/16
New Caledonia 0.25 Sep/16
United Kingdom 0.25 Sep/16
Singapore 0.12 Sep/16
Israel 0.10 Sep/16
Czech Republic 0.05 Sep/16
Austria 0.00 Oct/16
Belgium 0.00 Oct/16
Bulgaria 0.00 Sep/16
Cyprus 0.00 Oct/16
Estonia 0.00 Oct/16
Euro Area 0.00 Oct/16
Finland 0.00 Oct/16
France 0.00 Oct/16
Germany 0.00 Oct/16
Greece 0.00 Oct/16
Ireland 0.00 Oct/16
Italy 0.00 Oct/16
Latvia 0.00 Oct/16
Lithuania 0.00 Oct/16
Luxembourg 0.00 Oct/16
Malta 0.00 Oct/16
Netherlands 0.00 Oct/16
Portugal 0.00 Oct/16
Slovakia 0.00 Oct/16
Slovenia 0.00 Oct/16
Spain 0.00 Oct/16
Japan -0.10 Sep/16
Sweden -0.50 Sep/16
Denmark -0.65 Sep/16
Switzerland -0.75 Sep/16