The Bank of England kept its monetary policy unchanged during its May 2021 meeting, and announced a slowdown in the pace of purchases of British government bonds to £3.4 billion per week, from £4.4 billion previously, signaling it is on course to end emergency support later this year. The central bank raised 2021 GDP forecast sharply to 7.25 percent from its previous estimate of 5 percent growth, citing easing restrictions on economic activity and the country's fast rollout of COVID-19 vaccinations. For 2022, however, the economy is seen expanding 5.75 percent, less than February's projections of 7.25 percent. The central bank also said 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. source: Bank of England
Interest Rate in the United Kingdom averaged 7.28 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 June 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.