Current Bank of England base rate

What the base rate is for

The Bank of England's base rate is used to control the quantity and value of pound sterling in the economy, and consequently how much prices rise due to excess money creation. The Monetary Policy Committee decide what the rate should be.

Technically, the rate serves as a benchmark for various other interest rates, including those governing interbank lending and borrowing as well as the rate paid to commercial banks on deposits held at the Bank of England.

Find out more about the Bank of England base rate

• How the Bank of England's base rate works
• History of the base rate at the Bank of England
• Home page