bank of england base rate
It is used by the Bank of England primarily to control inflation by doing that it can stop prices of everyday things - food fuel clothing - from rising too high. It also helps cap wage growth which can also push inflation too high.
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The base rate sometimes known as the bank rate or base interest rate is the most important interest rate in the UK.
. The base rate which affects the costs of mortgages and the amount of interest paid on savings had been at an historic low since the start of the Covid-19 pandemic in March 2020. The Bank of England has today increased the base rate from 01 to 025 in response to soaring inflation.
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