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 May 11th, 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.

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United Kingdom Interest Rate
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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 Thursday, May 28, 2015.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-05-13 10:30 AM
2015-05-20 09:30 AM
2015-05-22 02:30 PM
2015-06-04 12:00 PM 0.5% 0.5%
2015-06-17 09:30 AM
2015-07-09 12:00 PM 0.5%


BoE Unanimous on Rates


Bank of England policymakers voted unanimously to leave the Bank Rate at a record low 0.5 percent, minutes from MPC meeting held in May showed. The central bank said the dip in inflation is unlikely to last long but showed concerns over recent house price increase.

Excerpts from the Minutes of the MPC meeting held on 7 and 8 May 2015:

Mortgage approvals for house purchase had remained broadly flat, at around 61,000 per month in 2015 Q1. The average of the lenders’ house price indices had increased by 1.3% in April, a bigger rise than had been expected. Provisional data from the RICS survey for April had indicated that secondary housing market supply had continued to fall relative to housing demand. The net balance for new buyer enquiries had risen and that for new instructions to sell had fallen. This could indicate upside risks to house prices in the second half of 2015.

Overall, the Committee’s best collective view was that slack was currently broadly in the region of ½% of GDP and was likely to be fully absorbed within a year. 
For some members, there were upside risks to the central projection for wage growth as unemployment continued to fall towards its long-run equilibrium rate and some other labour market indicators approached precrisis averages. Other members placed greater weight on the risk that subdued wage growth would be more persistent than envisaged in the May Inflation Report, reflecting a greater degree of economic slack, a more persistent downward effect on wage settlements from continued low inflation, or weaker-than-expected productivity growth.

While it was more likely than not that inflation would briefly turn slightly negative in the near term, the MPC’s best collective judgment was that this weakness would prove temporary. Around three quarters of the deviation of inflation from target could be accounted for by unusually low contributions from movements in energy, food and other goods prices. Although it was likely that low inflation would necessitate further open letters during the course of the year, the Committee’s central view continued to be that, in the absence of further falls in commodity prices, inflation rates close to zero were unlikely to endure for very long. The Committee’s central expectation was that CPI inflation would pick up notably towards the end of the year. 

While there was a range of views over the most likely future path for Bank Rate, all members agreed that it was more likely than not that Bank Rate would rise over the three-year forecast period.

BoE | Joana Taborda | joana.taborda@tradingeconomics.com
5/20/2015 10:05:27 AM


Recent Releases

BoE Cuts Growth Forecasts
The Bank of England revised down its GDP growth estimates for the next three years and signaled a rate rise may not occur until mid-2016, according to latest Inflation Report released on May 13th. Published on 2015-05-13

BoE Leaves Rate Steady at 0.5%
The Bank of England left the Bank Rate on hold at a record low 0.5 percent on May 11th as widely expected. The size of the Asset Purchase Programme was left unchanged at £375 billion. Published on 2015-05-11


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 71473.00 71393.00 71473.00 3528.00 GBP Million [+]
Money Supply M1 1385248.00 1370979.00 1385248.00 82171.00 GBP Million [+]
Money Supply M2 1512027.00 1504701.00 1512027.00 114644.00 GBP Million [+]
Money Supply M3 2360647.00 2338215.00 2423859.00 263027.00 GBP Million [+]
Central Bank Balance Sheet 405132.00 405184.00 414839.00 77638.00 GBP Million [+]
Foreign Exchange Reserves 123228.12 122383.19 123228.12 35190.42 USD Million [+]
Loans to Private Sector 2157561.00 2160808.00 2601972.00 9046.00 GBP Million [+]
Banks Balance Sheet 3380230.00 3364852.00 4060273.00 3343030.00 GBP Million [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.00 May/15 2.25 17.50 2.00 percent [+]
Brazil 13.25 Apr/15 12.75 45.00 7.25 percent [+]
Canada 0.75 May/15 0.75 16.00 0.25 percent [+]
China 5.10 May/15 5.35 10.98 5.10 percent [+]
Euro Area 0.05 Apr/15 0.05 4.75 0.05 percent [+]
France 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Germany 0.05 Apr/15 0.05 4.75 0.05 percent [+]
India 7.50 Apr/15 7.50 14.50 4.25 percent [+]
Indonesia 7.50 May/15 7.50 12.75 5.75 percent [+]
Italy 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Japan 0.00 May/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Apr/15 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Russia 12.50 Apr/15 14.00 17.00 5.00 percent [+]
South Korea 1.75 May/15 1.75 5.25 1.75 percent [+]
Spain 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Switzerland -0.75 Apr/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 May/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 May/15 0.50 17.00 0.50 percent [+]
United States 0.25 Apr/15 0.25 20.00 0.25 percent [+]