United Kingdom Interest Rate

The Bank of England is expected to leave monetary policy unchanged at its December meeting, despite mounting inflationary pressure and as the imposition of tougher restrictions against COVID-19 in England threatens the economic recovery. Still, there are some investors who believe that a 15bps rate hike is possible following hawkish comments by many officials. In November, the central bank left interest rates unchanged, defying many investors’ expectations of a rate hike. Since then, data showed inflation surged to an over decade high of 5.1%, more than double the central bank’s target. Hot inflation came on the heels of another solid labour market report, showing UK companies added to payrolls at a record pace and unemployment fell. Interest Rate in the United Kingdom averaged 7.21 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. 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). This page provides — United Kingdom Interest Rate — actual values, historical data, forecast, chart, statistics, economic calendar and news.


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