The Bank of England left monetary policy unchanged during its August 2021 meeting, with policymakers reiterating that they do 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% inflation target sustainably. Still, officials signaled some modest tightening of monetary policy over the next two years was likely to be necessary if the economy continues to improve. The central bank also said it would start reducing its stock of bonds when its policy rate reaches 0.5% by not reinvesting proceeds and it would start considering selling stock of purchased assets when the rate reaches at least 1%. UK GDP is projected to grow by 7.25% in 2021, unchanged from its May forecast, and by 6% in 2022 (vs 5.75% from its May forecast). The central bank also said it now saw inflation hitting a peak of 4% in late 2021 and early 2022 (vs 2.5% from its May forecast). source: Bank of England
Interest Rate in the United Kingdom averaged 7.25 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 September 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. 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.