United Kingdom Interest Rate 1971-2015 | 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 7.96 percent from 1971 until 2015, 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 Tuesday, June 30, 2015.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-06-10 09:00 PM
2015-06-17 09:30 AM
2015-06-18 12:05 AM
2015-07-09 12:00 PM 0.5% 0.5%
2015-07-22 09:30 AM
2015-08-06 12:00 PM 0.5%


BoE Leaves Monetary Policy Unchanged


The Bank of England left the Bank Rate on hold at a record low 0.5 percent on June 4th as widely expected. The size of the Asset Purchase Programme was left unchanged at £375 billion.

Markets do not expect the central bank to start raising rates until 2016. Although unemployment rate fell to a nearly 7 year-low of 5.5 percent in the three months to March, inflation touched a record low of -0.1 percent in April, remaining well below the bank’s 2 percent target. In addition, the economy expanded only 0.3 percent in the first three months of 2015, the lowest growth rate since 2012. 

In May, policymakers revised down its growth estimates for the next three years and signaled a rate rise may not occur until mid-2016. 2015 growth forecast was lowered from 2.9 percent to 2.5 percent while projections for 2016 and 2017 were also lowered by 30 basis points to 2.6 percent and 2.4 percent respectively. Regarding inflation, policymakers increased its 2015 forecast to 0.6 percent from 0.5 percent and cut the 2016 estimate to 1.6 percent from 1.8 percent. 2017 forecast was left unchanged at 2.1 percent.

The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.5% on 5 March 2009. A programme of asset purchases financed by the issuance of central bank reserves was initiated on 5 March 2009. The previous change in the size of that programme was an increase of £50 billion to a total of £375 billion on 5 July 2012.


Bank of England | Joana Taborda | joana.taborda@tradingeconomics.com
6/4/2015 3:53:35 PM


Recent Releases

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.
Published on 2015-05-20

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

BoE Unanimous on Holding Rates at Record Low
Bank of England policymakers voted unanimously to leave the Bank Rate at a record low 0.5 percent and expected the inflation to become negative in the coming months, minutes from MPC meeting held in April showed.
Published on 2015-04-22


United Kingdom Money Last Previous Highest Lowest Unit
Interest Rate 0.50 0.50 17.00 0.50 percent [+]
Interbank Rate 0.54 0.53 18.11 0.48 percent [+]
Money Supply M0 71770.00 71473.00 71770.00 3528.00 GBP Million [+]
Money Supply M1 1402911.00 1406496.00 1406496.00 82171.00 GBP Million [+]
Money Supply M2 1519394.00 1514647.00 1519394.00 114644.00 GBP Million [+]
Money Supply M3 2360848.00 2366782.00 2423859.00 263027.00 GBP Million [+]
Central Bank Balance Sheet 405132.00 405184.00 414839.00 77638.00 GBP Million [+]
Foreign Exchange Reserves 125449.77 123228.12 125449.77 35190.42 USD Million [+]
Loans to Private Sector 2157555.00 2160808.00 2601972.00 9046.00 GBP Million [+]
Banks Balance Sheet 3386639.00 3379867.00 4060273.00 3343030.00 GBP Million [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.00 Jun/15 2.00 17.50 2.00 percent [+]
Brazil 13.75 Jun/15 13.25 45.00 7.25 percent [+]
Canada 0.75 May/15 0.75 16.00 0.25 percent [+]
China 4.85 Jun/15 5.10 10.98 5.10 percent [+]
Euro Area 0.05 Jun/15 0.05 4.75 0.05 percent [+]
France 0.05 Jun/15 0.05 4.75 0.05 percent [+]
Germany 0.05 Jun/15 0.05 4.75 0.05 percent [+]
India 7.25 Jun/15 7.50 14.50 4.25 percent [+]
Indonesia 7.50 Jun/15 7.50 12.75 5.75 percent [+]
Italy 0.05 Jun/15 0.05 4.75 0.05 percent [+]
Japan 0.00 Jun/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Jun/15 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Jun/15 0.05 4.75 0.05 percent [+]
Russia 11.50 Jun/15 12.50 17.00 5.00 percent [+]
South Korea 1.50 Jun/15 1.75 5.25 1.50 percent [+]
Spain 0.05 Jun/15 0.05 4.75 0.05 percent [+]
Switzerland -0.75 Jun/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 Jun/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 Jun/15 0.50 17.00 0.50 percent [+]
United States 0.25 Jun/15 0.25 20.00 0.25 percent [+]