United Kingdom Interest Rate

The Bank of England is expected to raise the key Bank Rate by 25bps to 1% today, which would be a 4th consecutive rate hike, pushing borrowing costs to the highest since early 2009, although the inflation rate continues to rise to 30-year highs and signs of an economic slowdown emerge. Governor Andrew Bailey recently said the bank is walking a “narrow path” between growth and inflation, and implied that the bank could take a more incremental approach to tightening instead of a more aggressive one. Investors will also be looking for any clues on the central bank’s plans to sell off some of its £847 billion in government bond holdings and new forecasts for both inflation and growth. Interest Rate in the United Kingdom averaged 7.17 percent from 1971 until 2022, reaching an all time high of 17 percent in November of 1979 and a record low of 0.10 percent in March of 2020. 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.

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