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 April 9th, 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.

     Forecast  
United Kingdom Interest Rate


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, April 28, 2015.


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.

Excerpts from the Minutes of the MPC meeting held on 8 and 9 April 2015:

CPI inflation had fallen to zero in February and had stayed there in March. This would necessitate a further letter from the Governor to the Chancellor of the Exchequer which would be published alongside the May Inflation Report. Inflation was likely to turn slightly negative briefly at some point in the coming months and to remain low for the rest of the year, probably requiring further letters over that period. The path of inflation thereafter would depend on the way in which wages and prices responded to developments in the real economy.

Although there had been some stabilisation in indicators of inflation expectations and most long-term measures were judged to be broadly consistent with the 2% target, there was still a risk of weak price pressures persisting for longer than would be consistent with bringing inflation back to target within two years. Wages remained relatively weak, both in the United Kingdom and to a certain extent internationally, although it was unclear if the moderation in AWE growth in the three months to January would continue. A further pickup in wage inflation would be necessary for labour cost growth to be consistent with meeting the target in the medium term. Set against that, it was possible that the appreciation of sterling was feeding through more quickly into the CPI than expected. That could mean less downward pressure on prices to come and a faster pickup in inflation when the effects of recent falls in energy and food prices dropped out of the annual comparison. 

Against this backdrop, all Committee members agreed that it was appropriate to leave the stance of monetary policy unchanged at this meeting, although two members regarded this month’s decision as finely balanced. There was a range of views over the most likely future path of Bank Rate, but 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
4/22/2015 11:02:13 AM


Recent Releases

BoE Holds Key Rate at Record Low
The Bank of England left the Bank Rate on hold at a record low 0.5 percent on April 9th as widely expected. The size of the Asset Purchase Programme was left unchanged at £375 billion. Published on 2015-04-09

BoE Leaves Monetary Policy Unchanged
The Bank of England left the Bank Rate on hold at a record low 0.5 percent on March 5th as widely expected. The size of the Asset Purchase Programme was left unchanged at £375 billion. Published on 2015-03-05


Calendar GMT Event Actual Previous Consensus Forecast (i)
2015-04-09 12:00 PM
BoE Interest Rate Decision 
0.5% 0.5% 0.5% 0.5%
2015-04-09 12:00 PM
BoE Quantitative Easing 
£ 375B £ 375B £ 375B%
2015-04-22 09:30 AM
MPC Meeting Minutes 
2015-05-11 12:00 PM
BoE Interest Rate Decision 
0.5% 0.5%
2015-05-13 09:30 AM
BoE Inflation Report 
2015-05-20 09:30 AM
MPC Meeting Minutes 


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 71470.00 71036.00 71470.00 3528.00 GBP Million [+]
Money Supply M1 1370979.00 1378018.00 1378018.00 82171.00 GBP Million [+]
Money Supply M2 1504701.00 1503240.00 1504701.00 114644.00 GBP Million [+]
Money Supply M3 2338215.00 2348442.00 2423859.00 263027.00 GBP Million [+]
Central Bank Balance Sheet 405132.00 405184.00 414839.00 77638.00 GBP Million [+]
Foreign Exchange Reserves 122383.19 113859.57 122383.19 35190.42 USD Million [+]
Loans to Private Sector 2160422.00 2178349.00 2601972.00 9046.00 GBP Million [+]
Banks Balance Sheet 3364852.00 3385402.00 4060273.00 3343030.00 GBP Million [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.25 Apr/15 2.25 17.50 2.25 percent [+]
Brazil 12.75 Mar/15 12.25 45.00 7.25 percent [+]
Canada 0.75 Apr/15 0.75 16.00 0.25 percent [+]
China 5.35 Mar/15 5.60 10.98 5.31 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 Apr/15 7.50 12.75 5.75 percent [+]
Italy 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Japan 0.00 Apr/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Mar/15 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Russia 14.00 Mar/15 15.00 17.00 5.00 percent [+]
South Korea 1.75 Apr/15 1.75 5.25 1.75 percent [+]
Spain 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Switzerland -0.75 Mar/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 Apr/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 Apr/15 0.50 17.00 0.50 percent [+]
United States 0.25 Mar/15 0.25 20.00 0.25 percent [+]