Bank of England base rate
Our mission is to deliver monetary and financial stability for the people of the United Kingdom. In the news its sometimes called the Bank of England Base Rate or even just the interest rate.
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Bank Rate influences lots of other interest rates in the economy.
. 70 Current inflation rate Target 20. The Bank of England Monetary Policy Committee voted on 17 March 2022 to increase the Bank of England base rate to 075 from 050. The Bank of England BoE is the UKs central bank.
For example in 2020 we cut Bank Rate to 01 at the start of the Covid. That includes the lending and savings rates offered by high street banks and building societies. HMRC interest rates are linked to the Bank of England base rate.
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