Bank Rate
E96655
Bank Rate is the United Kingdom’s official policy interest rate set by the Bank of England to influence borrowing costs, inflation, and overall economic activity.
Observed surface forms (1)
| Surface form | Occurrences |
|---|---|
| Bank of England base rate | 1 |
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
benchmark interest rate
ⓘ
monetary policy interest rate ⓘ policy rate ⓘ |
| affects |
business loan rates in the United Kingdom
ⓘ
commercial bank deposit rates ⓘ commercial bank lending rates ⓘ consumer loan rates in the United Kingdom ⓘ government bond yields in the United Kingdom ⓘ money market rates in the United Kingdom ⓘ mortgage interest rates in the United Kingdom ⓘ |
| alsoKnownAs |
base rate
ⓘ
official Bank Rate ⓘ official policy rate ⓘ |
| announcedBy |
Monetary Policy Committee
ⓘ
surface form:
Bank of England Monetary Policy Committee
|
| announcedThrough |
Bank of England press conferences
ⓘ
Monetary Policy Summary ⓘ minutes of the Monetary Policy Committee ⓘ |
| appliesToCurrency | Pound sterling ⓘ |
| changedBy |
lowering the rate
ⓘ
raising the rate ⓘ |
| changeEffect |
higher Bank Rate tends to reduce inflationary pressure
ⓘ
lower Bank Rate tends to stimulate borrowing and spending ⓘ |
| country | United Kingdom ⓘ |
| decisionFrequency | usually every six weeks ⓘ |
| determinedBy |
Monetary Policy Committee
ⓘ
surface form:
Monetary Policy Committee of the Bank of England
|
| historicalPredecessor |
Bank Rate
self-linksurface differs
ⓘ
surface form:
Bank of England base rate
Minimum Lending Rate ⓘ |
| influences |
asset prices in the United Kingdom
ⓘ
exchange rate of the pound sterling ⓘ expectations of future inflation ⓘ |
| legalBasis | Bank of England Act 1998 ⓘ |
| linkedTo | UK inflation target ⓘ |
| monitoredBy |
businesses in the United Kingdom
ⓘ
financial markets ⓘ households in the United Kingdom ⓘ |
| partOf | United Kingdom monetary policy framework ⓘ |
| policyObjective |
price stability
ⓘ
supporting the economic policy of the UK government ⓘ |
| referenceFor |
pricing of many variable-rate loans in the United Kingdom
ⓘ
some savings products in the United Kingdom ⓘ |
| regulates | cost of central bank reserves to commercial banks ⓘ |
| setBy | Bank of England ⓘ |
| timeHorizonOfImpact | short to medium term ⓘ |
| usedFor |
anchoring short-term interest rates
ⓘ
controlling inflation ⓘ influencing borrowing costs ⓘ influencing economic activity ⓘ signalling monetary policy stance ⓘ |
Referenced by (2)
Full triples — surface form annotated when it differs from this entity's canonical label.
this entity surface form:
Bank of England base rate