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 February 4th, 2016. One policymaker has been voting for a rate hike since last summer but dropped its call as growth and inflation forecasts were lowered, signaling rates are likely to remain at record low at least this year. Interest Rate in the United Kingdom averaged 7.87 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 February of 2016.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-02-04 12:00 PM BoE Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
2016-02-04 12:00 PM BoE Quantitative Easing £375B £375B £375B £375B
2016-02-04 12:00 PM BoE MPC Vote Hike 0/9 1/9 1/9 1/9
2016-03-17 12:00 PM MPC Meeting Minutes
2016-03-17 12:00 PM BoE Interest Rate Decision 0.5% 0.5%
2016-03-17 12:00 PM BoE MPC Vote Hike 0/9

BoE Leaves Rates On Hold, Votes Unanimously

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 February 4th, 2016. One policymaker has been voting for a rate hike since last summer but dropped its call as growth and inflation forecasts were lowered, signaling rates are likely to remain at record low for at least this year.

Policymakers expect the inflation to remain below 1 percent this year. GDP growth forecasts were lowered to 2.2 percent for 2016 from an earlier 2.5 percent estimate. Growth for 2017 was also downgraded to 2.4 percent from 2.7 percent. 

Excerpts from Monetary policy summary, February 2016:

The MPC has revised down its estimate of the level of potential supply broadly in line with the lower level of demand. Resilient private domestic demand growth is expected to produce sufficient momentum to eliminate the limited margin of spare capacity during the course of this year. However, wage growth has been weaker than anticipated and labour costs are expected to rise a little less quickly than thought at the time of the November Inflation Report, contributing to a slower recovery in inflation. In part that reflects the MPC’s expectation that low realised inflation will continue to moderate the increase in wage pressure in the near term. The mechanical return to higher rates of inflation as past falls in energy prices drop from the annual comparison, supported by the recent fall in the sterling exchange rate and some additional stimulus from lower market interest rates, should in time reverse this effect and support wage gains. The MPC judges that inflation expectations remain well anchored, though it remains watchful for signs that low inflation is having more persistent second-round effects on wages.  

The scale of recent commodity price falls means that CPI inflation is likely to remain below 1% until the end of the year. As the drags from energy and other imported goods unwind, however, domestic cost pressures are projected to build up sufficiently such that, conditioned on the path for Bank Rate implied by market interest rates, CPI inflation is likely to exceed the 2% target slightly at the two-year point and then rise further above it. This central projection for inflation is modestly below that of three months ago for much of the forecast period but broadly similar by the end. The MPC judges the risks to the central projection to be skewed a little to the downside in the near term, reflecting the possibility of greater persistence of low inflation. 

There are significant judgements underlying these projections and a range of views among MPC members about the balance of risks to inflation relative to the best collective judgement presented in the February Inflation Report.  At its meeting ending on 3 February, the MPC judged it appropriate to leave the stance of monetary policy unchanged. The MPC judges it more likely than not that Bank Rate will need to increase over the forecast period to ensure inflation remains likely to return to the target in a sustainable fashion.

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 the economic circumstances.

BoE | Joana Taborda | joana.taborda@tradingeconomics.com
2/4/2016 6:42:31 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 74494.00 74091.00 74494.00 3528.00 GBP Million [+]
Money Supply M1 1464173.00 1453742.00 1464173.00 82171.00 GBP Million [+]
Money Supply M2 1580655.00 1571647.00 1580655.00 114644.00 GBP Million [+]
Money Supply M3 2392524.00 2370838.00 2423859.00 263027.00 GBP Million [+]
Banks Balance Sheet 3359937.00 3393378.00 4060273.00 3343030.00 GBP Million [+]
Central Bank Balance Sheet 405132.00 404299.00 414839.00 77638.00 GBP Million [+]
Foreign Exchange Reserves 135180.88 130416.87 135180.88 35190.42 USD Million [+]
Loans to Private Sector 2153515.00 2148239.00 2812922.00 8755.00 GBP Million [+]
Deposit Interest Rate 4.48 3.63 14.13 3.04 percent [+]

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