Current Bank Rate
Next due: 03 November 2022

What the base rate is for

The Bank of England base rate is used to control how fast the money supply expands and consequently how much inflation is created as a result of too much money creation. The Monetary Policy Committee decide what the rate should be.

Technically, the rate is the interest rate paid to commercial banks by the Bank of England on deposits held at the Bank of England. The deposits are bank reserves from the commercial banks' point of view.

Find out more about the Bank of England base rate