The Bank of England voted unanimously to maintain the key bank rate at a record low of 0.1% and the size of its bond-buying program at £745 billion as expected during its August meeting. Policymakers said Britain's economy will take longer to recover from the coronavirus-induced recession than initially thought and warned about the risks of cutting interest rates below zero. Meanwhile, the central bank said CPI inflation is expected to fall further below the 2% target, largely reflecting the direct and indirect effects of Covid-19.
Interest Rate in the United Kingdom averaged 7.36 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 August 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 0.10 percent in 2021 and 0.50 percent in 2022, according to our econometric models.