09 October 2008
Bank Rate
The UK bank base rate is set by the central bank - the Bank of England’s Monetary Policy Committee (MPC) - which acts indepedently of Gorvernment . Its primary objective is to meet inflation targets.
The MPC meets monthly.
Bank Rate
Key Points
- The interest rate from which lenders set their rates for lending and savings products.
- It is set periodically by the Bank of England Monetary Policy Committee.
- Interest rates, along with money supply are the key levers of control for the economy.
Quote: Quote "A bank is a place that will lend you money if you can prove you don't need it." Bob Hope (1903 - 2003) US comedian, actor
Bank Rate
The Bank Base Rate is the rate currently referred to as the Bank of England's UK Repo Rate. It has been variously referred to as: Bank Rate, Minimum Lending Rate, Minimum Band 1 Dealing Rate, and Dealing Rate.
The Bank Base Rate is currently 4.50% last changed 8th Oct 2008
| Year |
Month |
Base Rate % |
Change % |
| 2008 |
8th Oct |
4.50 |
-0.25 |
| |
10th April |
5.00 |
-0.25 |
| |
7th February |
5.25 |
-0.25 |
| 2007 |
6th December |
5.50 |
-0.25 |
| |
5th July |
5.75 |
+0.25 |
| |
10th May |
5.50 |
+0.25 |
| |
11th January |
5.25 |
+0.25 |
| 2006 |
9th November |
5.00 |
+0.25 |
| |
3rd August |
4.75 |
+0.25 |
| 2005 |
4th August |
4.5 |
-0.25 |
| 2004 |
5th August |
4.75 |
+0.25 |
| |
10th June |
4.50 |
+0.25 |
| |
6th May |
4.25 |
+0.25 |
| |
5th Feb |
4.00 |
+0.25 |
| 2003 |
6th Nov |
3.75 |
+0.25 |
| |
10th July |
3.50 |
-0.25 |
| |
7th Feb |
3.75 |
-0.25 |
| 2001 |
8th Nov |
4.00 |
-0.50 |
| |
3rd Oct |
4.50 |
-0.25 |
| |
19th Sept |
4.75 |
-0.25 |
| |
2nd Aug |
5.00 |
-0.25 |
| |
10th May |
5,25 |
-0.25 |
| |
5th April |
5.50 |
-0.25 |
| |
8th Feb |
5.75 |
-0.25 |
| |
10th Feb |
6.00 |
+0.25 |
| 2000 |
13th Jan |
5.75 |
+0.25 |
|
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