United Kingdom Interest Rate  1971-2016 | Data | Chart | Calendar

The Bank of England Monetary Policy Committee voted by a majority of 8-1 to maintain the Bank Rate at 0.5 percent on July 14th 2016, the first rate decision after the Brexit vote. It compares with market expectations of a 25bps cut. The Committee voted unanimously 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 7.82 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
Receive the next reported value for United Kingdom Interest Rate in you Inbox



We will not not share your email with third parties and you can unsubscribe at any time.
Please Paste this Code in your Website

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 July of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-07-14 11:00 AM BoE Quantitative Easing £375B £375B £375B
2016-07-14 11:00 AM BoE Interest Rate Decision 0.5% 0.5% 0.25% 0.0%
2016-07-14 11:00 AM BoE MPC Vote Hike 0/9 0/9 0/9
2016-08-04 11:00 AM BoE MPC Vote Hike 0/9 0/9
2016-08-04 11:00 AM MPC Meeting Minutes
2016-08-04 11:00 AM BoE Interest Rate Decision 0.5% 0.25% 0.25%

BoE Leaves Rates on Hold


The Bank of England unexpectedly left the Bank rate unchanged at 0.5 percent and the stock of purchased assets at £375 billion at its July meeting, the first rate decision after the Brexit vote. Markets were expecting a 25bps cut, but only one MPC member voted for it. Most members expect monetary policy to be loosened in August, according to the statement said.

Excerpts from the Monetary Policy Summary:

Committee members made initial assessments of the impact of the vote to leave the European Union on demand, supply and the exchange rate. In the absence of a further worsening in the trade-off between supporting growth and returning inflation to target on a sustainable basis, most members of the Committee expect monetary policy to be loosened in August. The precise size and nature of any stimulatory measures will be determined during the August forecast and Inflation Report round.

Financial markets have reacted sharply to the United Kingdom’s vote to leave the European Union. Since the Committee’s previous meeting, the sterling effective exchange rate has fallen by 6%, and short-term and longer-term interest rates have declined. Reflecting the fall in the level of sterling, financial market measures of inflation expectations have risen moderately at short-term horizons, but only to around historical averages, and have fallen slightly at longer horizons. Markets have functioned well, and the improved resilience of the core of the UK financial system and the flexibility of the regulatory framework have allowed the impact of the referendum result to be dampened rather than amplified.

Official data on economic activity covering the period since the referendum are not yet available. However, there are preliminary signs that the result has affected sentiment among households and companies, with sharp falls in some measures of business and consumer confidence. Early indications from surveys and from contacts of the Bank’s Agents suggest that some businesses are beginning to delay investment projects and postpone recruitment decisions. Regarding the housing market, survey data point to a significant weakening in expected activity. Taken together, these indicators suggest economic activity is likely to weaken in the near term. 

Looking further forward, the MPC made clear in its May Inflation Report, and again in the minutes of its June meeting, that a vote to leave the European Union could have material implications for the outlook for output and inflation. The Committee judges that a range of influences on demand, supply and the exchange rate could lead to a significantly lower path for growth and a higher path for inflation than in the central projections set out in the May Report. The Committee will consider over the coming period how the outlook for the economy has changed in light of the referendum result and will publish its new forecast in its forthcoming Inflation Report on 4 August. 

The MPC is committed to taking whatever action is needed to support growth and to return inflation to the target over an appropriate horizon. To that end, most members of the Committee expect monetary policy to be loosened in August. The Committee discussed various easing options and combinations thereof. The exact extent of any additional stimulus measures will be based on the Committee’s updated forecast, and their composition will take account of any interactions with the financial system.

Against that backdrop, at its meeting ending on 13 July, the majority of MPC members judged it appropriate to leave the stance of monetary policy unchanged at present. Gertjan Vlieghe preferred to reduce Bank Rate by 25 basis points at this meeting.

BoE | Joana Taborda | joana.taborda@tradingeconomics.com
7/14/2016 12:29:34 PM

United Kingdom Money Last Previous Highest Lowest Unit
Interest Rate 0.50 0.50 17.00 0.50 percent [+]
Interbank Rate 0.52 0.52 15.63 0.49 percent [+]
Money Supply M0 77247.00 77015.00 77247.00 3528.00 GBP Million [+]
Money Supply M1 1525176.00 1516908.00 1525176.00 82171.00 GBP Million [+]
Money Supply M2 1570935.00 1563672.00 1597469.00 114644.00 GBP Million [+]
Money Supply M3 2447421.00 2441014.00 2447421.00 263027.00 GBP Million [+]
Banks Balance Sheet 3418261.00 3404959.00 4060273.00 3343030.00 GBP Million [+]
Central Bank Balance Sheet 405132.00 404299.00 414839.00 77638.00 GBP Million [+]
Foreign Exchange Reserves 143466.67 139957.48 144976.46 35190.42 USD Million [+]
Loans to Private Sector 2192746.00 2166258.00 2812876.00 8755.00 GBP Million [+]
Deposit Interest Rate 0.00 0.00 4.25 0.00 percent [+]
Private Debt to GDP 220.15 225.99 248.43 163.52 percent [+]




Last
Argentina 30.25 Jul/16
Malawi 27.00 Jun/16
Ghana 26.00 Jul/16
Gambia 23.00 May/16
Venezuela 21.36 May/16
Belarus 20.00 Jul/16
Haiti 20.00 Jun/16
Iran 20.00 Dec/16
Mozambique 17.25 Jul/16
Ukraine 16.50 Jun/16
Angola 16.00 Jun/16
Zambia 15.50 Jun/16
Afghanistan 15.00 Jun/16
Uganda 15.00 Jun/16
Yemen 15.00 Jun/16
Brazil 14.25 Jul/16
Nigeria 14.00 Jul/16
Liberia 13.55 Mar/16
Kazakhstan 13.00 Jul/16
Djibouti 12.70 Dec/14
Suriname 12.62 Dec/15
Guinea 12.50 Jun/16
Sudan 12.40 Dec/15
Seychelles 12.31 May/16
Tanzania 12.00 Feb/16
Egypt 11.75 Jun/16
Zimbabwe 11.44 Mar/16
Kenya 10.50 Jul/16
Mongolia 10.50 Jun/16
Russia 10.50 Jun/16
Lebanon 10.00 Jun/16
Moldova 10.00 Jul/16
Myanmar 10.00 Jun/16
Sao Tome and Principe 10.00 Jun/16
Sierra Leone 9.50 Jun/16
Uruguay 9.25 Jun/16
Burundi 9.21 Mar/16
Mauritania 9.00 Jun/16
Tajikistan 9.00 Jun/16
Uzbekistan 9.00 Jun/16
Ecuador 8.66 Jun/16
Madagascar 8.30 May/16
Armenia 7.50 Jun/16
Cape Verde 7.50 May/16
Colombia 7.50 Jun/16
Turkey 7.50 Jul/16
Azerbaijan 7.00 Jun/16
Georgia 7.00 Jun/16
Maldives 7.00 Jun/16
Namibia 7.00 Jun/16
Nepal 7.00 Jun/16
South Africa 7.00 Jul/16
Swaziland 7.00 Jun/16
Lesotho 6.86 Mar/16
Bangladesh 6.75 Jun/16
India 6.50 Jun/16
Indonesia 6.50 Jul/16
Rwanda 6.50 Jun/16
Sri Lanka 6.50 Jun/16
Vietnam 6.50 Jun/16
Papua New Guinea 6.25 Jun/16
Bhutan 6.00 Jun/16
Botswana 6.00 Jun/16
Iraq 6.00 Jun/16
Kyrgyzstan 6.00 Jun/16
Iceland 5.75 Jun/16
Pakistan 5.75 Jun/16
Brunei 5.50 Jun/16
Honduras 5.50 Jun/16
Paraguay 5.50 Jul/16
Bosnia and Herzegovina 5.24 Apr/16
Dominican Republic 5.00 Jun/16
Ethiopia 5.00 Jun/16
Guyana 5.00 Jun/16
Jamaica 5.00 Jun/16
Trinidad and Tobago 4.75 Jun/16
Bahamas 4.50 May/16
Laos 4.50 Jun/16
Qatar 4.50 Jun/16
China 4.35 Jun/16
El Salvador 4.33 Apr/16
Mexico 4.25 Jun/16
Peru 4.25 Jul/16
Tunisia 4.25 Jun/16
Algeria 4.00 May/16
Macedonia 4.00 May/16
Mauritius 4.00 Jul/16
Serbia 4.00 Jul/16
Jordan 3.75 Jun/16
Benin 3.50 Jun/16
Burkina Faso 3.50 Jun/16
Chile 3.50 Jul/16
Guinea Bissau 3.50 Jun/16
Ivory Coast 3.50 Jun/16
Mali 3.50 Jun/16
Niger 3.50 Jun/16
Senegal 3.50 Jun/16
Togo 3.50 Jun/16
Barbados 3.16 Jun/16
Guatemala 3.00 Jun/16
Libya 3.00 Jun/16
Malaysia 3.00 Jul/16
Philippines 3.00 Jun/16
Belize 2.50 Jun/16
Croatia 2.50 May/16
Cameroon 2.45 Jun/16
Central African Republic 2.45 Jun/16
Chad 2.45 Jun/16
Equatorial Guinea 2.45 Jun/16
Gabon 2.45 Jun/16
Republic of the Congo 2.45 Jun/16
Cuba 2.25 Jun/16
Kuwait 2.25 Jun/16
Morocco 2.25 Jun/16
New Zealand 2.25 Jun/16
Congo 2.00 Jun/16
Saudi Arabia 2.00 Jun/16
Australia 1.75 Jul/16
Costa Rica 1.75 Jun/16
Romania 1.75 Jun/16
Bolivia 1.67 Jun/16
Poland 1.50 Jul/16
Thailand 1.50 Jun/16
Cambodia 1.42 Mar/16
Taiwan 1.38 Jun/16
Albania 1.25 Jul/16
South Korea 1.25 Jul/16
United Arab Emirates 1.25 Jun/16
Comoros 1.16 Apr/16
Oman 1.00 Jun/16
Hungary 0.90 Jul/16
Bahrain 0.75 Jun/16
Hong Kong 0.75 Jun/16
Macau 0.75 Jun/16
Canada 0.50 Jul/16
Fiji 0.50 Jun/16
Norway 0.50 Jun/16
United Kingdom 0.50 Jul/16
United States 0.50 Jun/16
Panama 0.49 Apr/16
Singapore 0.44 Jun/16
New Caledonia 0.25 Jun/16
Israel 0.10 Jul/16
Czech Republic 0.05 Jun/16
Austria 0.00 Jul/16
Belgium 0.00 Jul/16
Bulgaria 0.00 Jul/16
Cyprus 0.00 Jul/16
Estonia 0.00 Jul/16
Euro Area 0.00 Jul/16
Finland 0.00 Jul/16
France 0.00 Jul/16
Germany 0.00 Jul/16
Greece 0.00 Jul/16
Ireland 0.00 Jul/16
Italy 0.00 Jul/16
Latvia 0.00 Jul/16
Lithuania 0.00 Jul/16
Luxembourg 0.00 Jul/16
Malta 0.00 Jul/16
Netherlands 0.00 Jul/16
Portugal 0.00 Jul/16
Slovakia 0.00 Jul/16
Slovenia 0.00 Jul/16
Spain 0.00 Jul/16
Japan -0.10 Jun/16
Sweden -0.50 Jul/16
Denmark -0.65 Jun/16
Switzerland -0.75 Jun/16