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Official Bank Rate, British central bank’s interest rate
Charts - historic Bank of England interest rates
Graph British interest rate BoE - interest rates last year |
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Graph British interest rate BoE - long-term graph |
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Bank of England
The Bank of England (BoE) is the central bank for Great Britain (which includes England). The BoE is primarily focused on maintaining price stability and supporting the British government’s policy, which is aimed at economic growth. The 2 most important issues that the British central bank deals with a monetary and financial stability. Criteria for monetary stability are stable prices and confidence in the currency. In order to maintain stable prices it is important that price rises match the government's inflation targets (currently 2%). A low rate of inflation results in a stable economy and preservation of the value of the inhabitants’ money. As a tool the BOE uses the Bank of England base rate (BOEBR), now called the Official Bank Rate. For an overview of current inflation in Great Britain, click here or here for current inflation by country.
Official bank rate
When reference is made to the British or English interest rate this often refers to this BoE official bank rate, the official interest rate in Great Britain. This base rate is also referred to as the bank rate or Bank of England base. It is the rate that the Bank of England charges banks and financial institutions for loans with a maturity of 1 day. Decisions regarding the level of the interest rate are made by the monetary policy committee (MPC).
This page shows the current and historic values of the official bank rate (base rate) as set by the Bank of England.
For a summary of the current interest rates of a large number of central banks please click here.
Tables - current and historic British central bank interest rates
BoE latest interest rate changes
| march 23 2023 |
4.250 % |
| february 02 2023 |
4.000 % |
| december 15 2022 |
3.500 % |
| november 03 2022 |
3.000 % |
| september 22 2022 |
2.250 % |
| august 04 2022 |
1.750 % |
| june 16 2022 |
1.250 % |
| may 05 2022 |
1.000 % |
| march 17 2022 |
0.750 % |
| february 03 2022 |
0.500 % |
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Summary of other central banks’ interest rates
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