The Bank of England raised its main Bank Rate by 25bps to 1.25% during its June 2022 meeting, a fifth consecutive rate hike and pushing borrowing costs to the highest in 13 years as it tries to temper soaring inflation. Still, three policymakers voted for a bigger 50bps increase and the central bank raised its commitment to bring inflation back to the 2% target and 'act forcefully' if necessary. The central bank now expects inflation to be over 9% during the next few months and to rise to slightly above 11% in October while GDP growth is seen slowing sharply over the first half of the forecast period. source: Bank of England

Interest Rate in the United Kingdom averaged 7.17 percent from 1971 until 2022, 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 2022.

Interest Rate in the United Kingdom is expected to be 1.25 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United Kingdom Interest Rate is projected to trend around 2.75 percent in 2023 and 3.00 percent in 2024, according to our econometric models.

Ok
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

API Features Documentation Interested? Click here to contact us
Please Paste this Code in your Website
width
height
 Preview
United Kingdom Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-06-16 11:00 AM BoE Interest Rate Decision 1.25% 1% 1.25% 1.25%
2022-06-16 11:00 AM BoE MPC Vote Cut 0/9 0/9 0/9
2022-06-16 11:00 AM BoE MPC Vote Unchanged 0/9 0/9 0/9
2022-07-05 09:30 AM Financial Stability Report
2022-07-05 10:00 AM BoE Gov Bailey Speech
2022-07-05 04:30 PM BoE Tenreyro Speech


Related Last Previous Unit Reference
Interest Rate 1.25 1.00 percent Jun 2022
Money Supply M1 2427138.00 2421112.00 GBP Million May 2022
Money Supply M0 95171.00 94557.00 GBP Million May 2022
Money Supply M2 3038313.00 3037813.00 GBP Million May 2022
Money Supply M3 3540126.00 3556292.00 GBP Million May 2022
Central Bank Balance Sheet 1087758.00 1087772.00 GBP Million Jun 2022
Foreign Exchange Reserves 187988.30 190766.27 USD Million May 2022
Banks Balance Sheet 4550345.00 4519499.00 GBP Million May 2022
Loans to Private Sector 2698489.00 2663478.00 GBP Million Dec 2021
Deposit Interest Rate 0.25 0.00 percent Feb 2022
Lending Rate 0.75 0.50 percent Feb 2022

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).
Actual Previous Highest Lowest Dates Unit Frequency
1.25 1.00 17.00 0.10 1971 - 2022 percent Daily

News Stream
BoE Lifts Rates by 25Bps
The Bank of England raised its main Bank Rate by 25bps to 1.25% during its June 2022 meeting, a fifth consecutive rate hike and pushing borrowing costs to the highest in 13 years as it tries to temper soaring inflation. 3 policymakers voted for a bigger 50bps increase and the central bank raised its commitment to bring inflation back to the 2% target and 'act forcefully' if necessary. The central bank now expects inflation to be over 9% during the next few months and to rise to slightly above 11% in October while GDP growth is seen slowing sharply over the first half of the forecast period.
2022-06-16
BoE to Deliver 5th Consecutive Rate Hike
The Bank of England is expected to raise its main rate by 25bps to 1.25% during its June 2022 meeting, a fifth consecutive rate hike and pushing borrowing costs to the highest in 13 years as it tries to temper soaring inflation. Still, some investors believe the central bank may consider a bigger 50bps hike to counterweight a 75 bps rate hike delivered by the US Federal Reserve yesterday. Markets are currently pricing the Bank Rate at almost 3% in December while inflation is running at 40-year highs of 9% and is expected to accelerate to surpass 10%. Meanwhile, the economy shrunk for a second month in April while the pound lost more than 10% against the dollar.
2022-06-16
BoE Raises Interest Rate for 4th Time
The Bank of England raised the key Bank Rate by 25bps to 1% during its May 2022 meeting, which is the 4th consecutive rate hike, pushing borrowing costs to the highest since early 2009. The decision came in line with expectations although 3 members voted for a bigger 50bps increase. Policymakers said global inflationary pressures have intensified sharply following Russia’s invasion of Ukraine which has led to a material deterioration in the outlook for UK growth. The UK economy is estimated to have risen by 0.9% in Q1 but the GDP is expected to be broadly unchanged in Q2 and to contract around 1% in Q4, due to a decline in households’ incomes, including that stemming from the projected rise of around 40% in retail gas and electricity prices when the Ofgem price caps are next reset in October. In 2023, GDP is seen shrinking by 0.25%. Meanwhile, inflation is expected to rise further over the remainder of the year, to just over 9% in Q2 and averaging slightly over 10% at its peak in Q4.
2022-05-05