The Bank of England voted unanimously to keep its benchmark interest rate on hold at a record low of 0.1 percent during its June 2021 meeting, and by a majority of 8-1 to leave its bond-buying programme unchanged as widely expected. The central bank also reiterated it does not intend to tighten monetary policy at least until there is clear evidence that significant progress is being made in eliminating spare capacity and achieving the 2 percent inflation target sustainably. Policymakers said the economy would experience a temporary period of strong GDP growth following the relaxation of restrictions on economic activity, after which it will fall back. At the same time, CPI inflation is expected to pick up further above the target, owing primarily to developments in energy and other commodity prices, and is likely to exceed 3 percent for a temporary period, before returning to around 2 percent in the medium term. source: Bank of England
Interest Rate in the United Kingdom averaged 7.27 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 July 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 0.50 percent in 2022 and 1.00 percent in 2023, according to our econometric models.