The Bank of England voted unanimously to keep its benchmark interest rate on hold at a record low of 0.1 percent and left its bond-buying programme unchanged during its February meeting. Policymakers noted it would be appropriate to start the preparations so that it could set a negative rate in 6 months, but stressed it should not be interpreted as a signal. The central bank also said that the coronavirus vaccine rollouts in a number of countries, including the United Kingdom, have improved the economic outlook, but voiced concerns about the recent increase in cases, including from newly identified strains of the virus, and the associated reimposition of restrictions. source: Bank of England

Interest Rate in the United Kingdom averaged 7.30 percent from 1971 until 2021, reaching an all time high of 17 percent in November of 1979 and a record low of 0.10 percent in March of 2020. This page provides - United Kingdom Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. United Kingdom Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2021.

Interest Rate in the United Kingdom is expected to be 0.10 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 0.10 in 12 months time. In the long-term, the United Kingdom Interest Rate is projected to trend around 0.10 percent in 2022 and 0.50 percent in 2023, according to our econometric models.

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United Kingdom Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.10 0.10 17.00 0.10 1971 - 2021 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2021-02-04 12:00 PM BoE Interest Rate Decision 0.1% 0.1% 0.1% 0.1%
2021-02-04 12:00 PM BoE Quantitative Easing £875B £875B £875B £875B
2021-02-04 12:00 PM BoE MPC Vote Hike 0/9 0/9 0/9 0/9
2021-02-04 12:00 PM BoE MPC Vote Unchanged 9/9 9/9 9/9 9/9
2021-02-26 12:00 AM BoE Haldane Speech
2021-02-26 12:30 PM BoE Ramsden Speech
2021-03-18 12:00 PM BoE MPC Vote Unchanged
2021-03-18 12:00 PM BoE MPC Vote Cut


News Stream
BoE Holds Rates
The Bank of England voted unanimously to keep its benchmark interest rate on hold at a record low of 0.1 percent and left its bond-buying programme unchanged during its February meeting. Policymakers noted it would be appropriate to start the preparations so that it could set a negative rate in 6 months, but stressed it should not be interpreted as a signal. The central bank also said that the coronavirus vaccine rollouts in a number of countries, including the United Kingdom, have improved the economic outlook, but voiced concerns about the recent increase in cases, including from newly identified strains of the virus, and the associated reimposition of restrictions.
2021-02-04
BoE to Report Details on Negative Rates
The Bank of England is expected to leave the Bank Rate at a record low of 0.1% and the size of its bond-buying program unchanged at £875 billion during its first meeting of 2021. However, investors will keep a close eye on BoE’s quarterly outlook and the result of a feasibility study of negative interest rates. The central bank is not expected to cut rates below 0% soon but the central bank will most likely not rule out their use in the future. Traders will also be looking for any updates on the near term outlook as the UK remains under a national lockdown. The bank will likely upgrade its forecasts for 2020 but downgrade forecasts for the year ahead.
2021-02-04
BoE Leaves Rates and Asset Purchases Unchanged
The Bank of England voted unanimously to maintain Bank Rate at a record low of 0.1% and the size of its bond-buying program at £875 billion during its December meeting, as policymakers took a wait-and-see approach amid uncertainty surrounding a post-Brexit trade deal and concerns over the coronavirus situation. Still, the central bank noted that the successful trialing of some Covid vaccines and initial plans to roll them out widely over the first half of next year will likely reduce the downside risks to the economic outlook. Looking ahead, officials pledged to take whatever additional action is necessary to achieve the 2% inflation target, in a way that helps to sustain growth and employment. CPI inflation is expected to rise quite sharply towards the target in the spring, as the VAT cut comes to an end and the large fall in energy prices earlier this year drops out of the annual comparison.
2020-12-17
BoE Seen Leaving Monetary Policy Steady
The Bank of England is seen taking a wait-and-see approach during its last monetary policy meeting of 2020 as it is still uncertain if there would be a post-Brexit trade agreement. Policymakers are expected to leave the benchmark interest rate at a record low of 0.1% and the bond-buying programme at £875 billion, after extending it by a larger-than-expected £150 billion in November. Still, investors will be looking for more guidance on this additional stimulus and any clues over how to implement negative interest rates as the key bank rate is likely to be cut to -0.1% next year.
2020-12-17

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).