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.