The Bank of England's Monetary Policy Committee voted by a majority of 7-2 to hold Bank Rate at 0.75 percent during its December policy meeting, as policymakers took a wait-and-see approach following Prime Minister Boris Johnson's election victory and its possible implications on Brexit. Two members have voted for a second month in a row for a rate cut amid concerns about the job market. Interest Rate in the United Kingdom averaged 7.44 percent from 1971 until 2019, reaching an all time high of 17 percent in November of 1979 and a record low of 0.25 percent in August of 2016. source: Bank of England

Interest Rate in the United Kingdom is expected to be 0.75 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in the United Kingdom to stand at 0.50 in 12 months time. In the long-term, the United Kingdom Interest Rate is projected to trend around 0.75 percent in 2020, according to our econometric models.

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United Kingdom Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.75 0.75 17.00 0.25 1971 - 2019 percent Daily



Calendar GMT Actual Previous Consensus TEForecast
2019-12-19 12:00 PM BoE MPC Vote Cut 2/9 2/9 2/9 2/9
2019-12-19 12:00 PM BoE MPC Vote Unchanged 7/9 7/9 7/9 7/9
2019-12-19 12:00 PM BoE MPC Vote Hike 0/9 0/9 0/9 0/9
2019-12-19 12:00 PM BoE Quantitative Easing £435B £435B £435B £435B
2020-01-30 12:00 PM BoE Inflation Report


News Stream
2019-12-16
UK Banks 'Resilient' to No-deal Brexit: 2019 Stress-Test
Major UK banks are strong enough to carry on lending to households and businesses even in a recession worse than the financial crisis, according to Bank of England's stress test results.

2019-11-07
BoE Holds Rates, 2 MPC Members Vote for Rate Cut
The Bank of England's Monetary Policy Committee voted by a majority of 7-2 to hold Bank Rate at 0.75 percent during its October policy meeting, while markets had forecast a unanimous decision, amid Brexit uncertainties and global trade wars. Also, the bank lowered its GDP forecasts, which now point to 1 percent expansion by the end of this year, 1.6 percent by the end of 2020, 1.8 percent by the end of 2021, and 2.1 percent by the end of 2022. Policymakers noted that monetary policy could respond in either direction to changes in the economic outlook in order to ensure a sustainable return of inflation to the 2 percent target.

2019-09-19
BoE Leaves Monetary Policy Unchanged
The Bank of England's Monetary Policy Committee voted unanimously to hold the Bank Rate at 0.75 percent during its September policy meeting, as widely expected. The bank also reaffirmed its pledge to gradual and limited rate rises in the event of greater clarity that the economy is on a path to a smooth Brexit, and assuming some recovery in global growth.

2019-08-01
BoE Holds Rates, Reaffirms Pledge to Gradual Hikes
The Bank of England's Monetary Policy Committee voted unanimously to hold the Bank Rate at 0.75 percent during its August policy meeting, and reaffirmed its pledge to gradual and limited rate rises under the assumption of a smooth Brexit and some recovery in global growth. Still, the central bank lowered its GDP forecasts for 2019 and 2020 on the back of slower export growth and weak business investment.

2019-06-20
BoE Holds Rates, Cuts Q2 Growth Forecast
The Bank of England's Monetary Policy Committee voted unanimously to hold the Bank Rate at 0.75 percent during its June policy meeting and reaffirmed its pledge to gradual and limited rate rises over the forecast period, despite ongoing Brexit concerns and global trade tensions. The central bank lowered its outlook for the economy to zero in the second quarter of the year from its previous estimate of 0.2 percent growth.

2019-05-02
BoE Leaves Monetary Policy Unchanged
The Bank of England's Monetary Policy Committee voted unanimously to hold the Bank Rate at 0.75 percent during its May policy meeting and reaffirmed its pledge to gradual and limited rate rises over the forecast period, despite the slowdown in global growth and ongoing Brexit uncertainties.


United Kingdom Interest Rate
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).

United Kingdom Money Last Previous Highest Lowest Unit
Interest Rate 0.75 0.75 17.00 0.25 percent [+]
Money Supply M0 82560.00 82893.00 83193.00 3529.00 GBP Million [+]
Money Supply M1 1796451.00 1793196.00 1796451.00 82323.00 GBP Million [+]
Interbank Rate 0.70 0.70 15.63 0.28 percent [+]
Money Supply M2 2443631.00 2440606.00 2454441.00 167427.00 GBP Million [+]
Money Supply M3 2869370.00 2864283.00 2907677.00 262975.00 GBP Million [+]
Foreign Exchange Reserves 182716.16 177334.22 182716.16 35190.42 USD Million [+]
Banks Balance Sheet 4006620.00 3949005.00 4060273.00 3342179.00 GBP Million [+]
Central Bank Balance Sheet 580694.00 582778.00 597303.00 76991.00 GBP Million [+]
Loans to Private Sector 2530428.00 2488858.00 2812943.00 8755.00 GBP Million [+]
Deposit Interest Rate 0.50 0.50 4.25 0.00 percent [+]
Lending Rate 1.00 1.00 4.75 0.50 percent [+]
Private Debt to GDP 224.00 225.30 247.70 157.30 percent [+]