The Bank of England voted unanimously to maintain the key bank rate at a record low of 0.1% on May 7th 2020, in line with market forecasts. Policymakers also left the bond buying program at £645 billion, although two members voted for a £100 billion increase, in a further sign that fresh stimulus may be under way. The central bank expects the GDP to contract by 14% in 2020 due to the coronavirus pandemic. The inflation rate is seen falling to 0.6% and unemployment is like to rise to 8%.

Interest Rate in the United Kingdom averaged 7.38 percent from 1971 until 2020, 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 May of 2020. source: Bank of England

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 0.25 percent in 2021 and 0.75 percent in 2022, 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 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-05-07 06:00 AM BoE Interest Rate Decision 0.1% 0.1% 0.1% 0.1%
2020-05-07 06:00 AM BoE Quantitative Easing £645B £645B £625B £645B
2020-05-07 06:00 AM BoE MPC Vote Hike 0/9 0/9 0/9 0/9
2020-05-07 06:00 AM BoE MPC Vote Unchanged 9/9 9/9 9/9 9/9
2020-06-18 11:00 AM BoE MPC Vote Unchanged 9/9
2020-06-18 11:00 AM BoE MPC Vote Hike 0/9
2020-06-18 11:00 AM MPC Meeting Minutes
2020-06-18 11:00 AM BoE Quantitative Easing £645B


News Stream
BoE Holds Rates, Stands Ready for Further Stimulus
The Bank of England voted unanimously to maintain the key bank rate at a record low of 0.1% on May 7th 2020, in line with market forecasts. Policymakers also left the bond buying program at £645 billion, although two members voted for a £100 billion increase, in a further sign that fresh stimulus may be under way. The central bank expects the GDP to contract by 14% in 2020 due to the coronavirus pandemic. The inflation rate is seen falling to 0.6% and unemployment is like to rise to 8%.
2020-05-07
BoE Holds Interest Rates at Record Lows
The Bank of England's MPC voted unanimously to hold the Bank Rate at an all-time low of 0.1 percent during its scheduled March meeting, with policymakers taking a wait-and-see approach to monetary policy after delivering two emergency cuts this month in response to the severe economic and financial disruption caused by the spread of Covid-19. The bank also said the UK GDP is seen falling sharply during the first half of the year and unemployment is likely to rise rapidly across the country. Policymakers pledged to take further action if needed to guard against an unwarranted tightening in financial conditions, and support the economy.
2020-03-26
BoE to Leave Monetary Policy Unchanged
The Bank of England is likely to hold interest rates at record lows on Thursday as policymakers take a wait-and-see approach to monetary policy after delivering two emergency cuts this month. Still, officials are seen reiterating they are determined to take further action to support the economy hurt by the Covid-19 crisis, with possible measures including a further increase in their quantitative easing programme. Governor Andrew Bailey and other policymakers have suggested they will not lower the Bank Rate into negative territory.
2020-03-26
BoE Cuts Rates to New Lows in Emergency Move
The Bank of England lowered the key interest rate to 0.1 percent at a special meeting on March 19th. It follows a 50bps cut last week, bringing borrowing costs to a fresh record low. The central bank said the spread of Covid-19 and the measures being taken to contain the virus will result in an economic shock that could be sharp and large, but should be temporary. The central bank also announced it will increase its holdings of UK government and corporate bonds by £200 billion.
2020-03-19

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).