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 May 12th, 2016 as widely expected. 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 May 12th, 2016 as widely expected. Policymakers lowered growth forecasts, saying there are increasing signs that uncertainty associated with the EU referendum has begun to weigh on activity but left inflation projections roughly unchanged. Interest Rate in the United Kingdom averaged 7.84 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 May of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-05-12 11:00 AM BoE Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
2016-05-12 11:00 AM BoE MPC Vote Hike 0/9 0/9 0/9 0/9
2016-05-12 11:00 AM BoE Quantitative Easing £375B £375B £375B £375B
2016-06-02 01:00 PM BoE Gov Carney Speech
2016-06-16 11:00 AM MPC Meeting Minutes
2016-06-16 11:00 AM BoE Interest Rate Decision 0.5% 0.5%

BoE Leaves Rates at Record Low of 0.5%


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 May 12th, 2016 as widely expected. 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 May 12th, 2016 as widely expected. Policymakers lowered growth forecasts, saying there are increasing signs that uncertainty associated with the EU referendum has begun to weigh on activity but left inflation projections roughly unchanged.

GDP growth is expected to slow to 0.3 percent in the second quarter of the year (0.5 percent in the previous estimate), bringing full 2016 forecast down by 20bps to 2 percent. For 2017 and 2018, growth outlook was reduced by 10bps to 2.3 percent. Regarding inflation, policymakers left 2016 projection steady at 0.4 percent.

Excerpts from the Monetary Policy Summary:

Globally, sentiment in financial markets has improved. There has been a broad-based recovery in risky asset prices, a resumption of capital flows to emerging market economies, and a sharp rise in the price of oil. Near-term prospects for China and other emerging market economies have improved a little, although medium-term downside risks remain. In the advanced economies, growth has picked up in the euro area in Q1 but slowed in the United States. A modest pace of growth in the United Kingdom’s main trading partners is likely over the forecast period, broadly similar to that in the February Inflation Report projections. 

In the United Kingdom, activity growth slowed in Q1 and a further deceleration is expected in Q2. There are increasing signs that uncertainty associated with the EU referendum has begun to weigh on activity.

Given the outlook described in the May Inflation Report projections, returning inflation to the 2% target requires achieving a balance between the drag on inflation from external factors and the support from gradual increases in domestic cost growth. 

Consistent with the projections and conditioning assumptions set out in the May Inflation Report, 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. With macroeconomic and financial indicators likely to be less informative than usual in light of the referendum, the Committee is currently reacting more cautiously to data releases than would normally be the case.

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. 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. Whatever the outcome of the referendum and its consequences, the MPC will take whatever action is needed 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
5/12/2016 12:44:49 PM

United Kingdom Money Last Previous Highest Lowest Unit
Interest Rate 0.50 0.50 17.00 0.50 percent [+]
Interbank Rate 0.59 0.59 15.63 0.50 percent [+]
Money Supply M0 76649.00 75345.00 76649.00 3528.00 GBP Million [+]
Money Supply M1 1512749.00 1497418.00 1512749.00 82171.00 GBP Million [+]
Money Supply M2 1555444.00 1597469.00 1597469.00 114644.00 GBP Million [+]
Money Supply M3 2442228.00 2431033.00 2442228.00 263027.00 GBP Million [+]
Banks Balance Sheet 3393458.00 3383414.00 4060273.00 3343030.00 GBP Million [+]
Central Bank Balance Sheet 405132.00 404299.00 414839.00 77638.00 GBP Million [+]
Foreign Exchange Reserves 144976.46 138017.78 144976.46 35190.42 USD Million [+]
Loans to Private Sector 2166062.00 2154014.00 2812857.00 8755.00 GBP Million [+]
Deposit Interest Rate 0.00 0.00 4.25 0.00 percent [+]




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China 4.35 Apr/16
El Salvador 4.33 Apr/16
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Tunisia 4.25 Apr/16
Algeria 4.00 Apr/16
Jordan 3.75 Apr/16
Mexico 3.75 May/16
Benin 3.50 Apr/16
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Chile 3.50 May/16
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Ivory Coast 3.50 Apr/16
Mali 3.50 Apr/16
Niger 3.50 Apr/16
Senegal 3.50 Apr/16
Togo 3.50 Apr/16
Barbados 3.26 Apr/16
Macedonia 3.25 Jan/16
Malaysia 3.25 May/16
Guatemala 3.00 Apr/16
Libya 3.00 Apr/16
Philippines 3.00 Jun/16
Belize 2.50 Apr/16
Croatia 2.50 Apr/16
Cameroon 2.45 Apr/16
Central African Republic 2.45 Apr/16
Chad 2.45 Apr/16
Equatorial Guinea 2.45 Apr/16
Gabon 2.45 Apr/16
Republic of the Congo 2.45 Apr/16
Cuba 2.25 Apr/16
Kuwait 2.25 Apr/16
Morocco 2.25 Apr/16
New Zealand 2.25 Apr/16
Congo 2.00 Apr/16
Saudi Arabia 2.00 Apr/16
Bolivia 1.90 Mar/16
Australia 1.75 May/16
Costa Rica 1.75 Apr/16
Romania 1.75 May/16
Poland 1.50 May/16
South Korea 1.50 May/16
Taiwan 1.50 Apr/16
Thailand 1.50 May/16
Cambodia 1.42 Mar/16
Comoros 1.36 Mar/16
Albania 1.25 May/16
United Arab Emirates 1.25 Apr/16
Oman 1.00 Apr/16
Hungary 0.90 May/16
Bahrain 0.75 Apr/16
Hong Kong 0.75 Apr/16
Macau 0.75 Apr/16
Canada 0.50 May/16
Fiji 0.50 Apr/16
Norway 0.50 May/16
United Kingdom 0.50 May/16
United States 0.50 Apr/16
Panama 0.49 Mar/16
Singapore 0.41 Apr/16
New Caledonia 0.30 Apr/16
Israel 0.10 May/16
Czech Republic 0.05 May/16
Austria 0.00 Apr/16
Belgium 0.00 Apr/16
Bulgaria 0.00 May/16
Cyprus 0.00 Apr/16
Estonia 0.00 Apr/16
Euro Area 0.00 Apr/16
Finland 0.00 Apr/16
France 0.00 Apr/16
Germany 0.00 Apr/16
Greece 0.00 Apr/16
Ireland 0.00 Apr/16
Italy 0.00 Apr/16
Latvia 0.00 Apr/16
Lithuania 0.00 Apr/16
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Malta 0.00 Apr/16
Netherlands 0.00 Apr/16
Portugal 0.00 Apr/16
Slovakia 0.00 Apr/16
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Spain 0.00 Apr/16
Japan -0.10 Apr/16
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Switzerland -0.75 Apr/16