Bank of England base rate

Bank rate also known as discount rate in American English is the rate of interest which a central bank charges on its loans and advances to a commercial bank. The Bank of England BoE is the UKs central bank.

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After much speculation the central bank voted in December to increase the base rate to 025 percent having previously held back on the decision due to fears over the strength of the jobs market.

. The bank rate is known by a number of different terms depending on the country and has changed over time in some countries as the mechanisms used to manage the rate have changed. This latest rise follows an unexpected rate rise in December where the base rate moved from an historic low of 01 to 025. Our mission is to deliver monetary and financial stability for the people of the United Kingdom.

The Bank of England has increased the base rate again doubling it from 025 to 05. This latest rate rise is in response to increased inflationary pressures in the economy. 70 Current inflation rate Target 20.

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