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In the United Kingdom, the official bank rate is the rate that the Bank of England charges banks and financial institutions for loans with a maturity of 1 day. It is the Bank of England's key interest rate for enacting monetary policy. [1] It is more analogous to the US discount rate than to the federal funds rate.
Announced on 6 May 1997, only five days after that year's General Election, and officially given operational responsibility for setting interest rates in the Bank of England Act 1998, the committee was designed to be independent of political interference and thus to add credibility to interest rate decisions.
File history; File usage; ... Interest rates as set by the Bank of England's Monetary Policy Committee from its inception in 1997 to the ... UK interest rates, May ...
The Bank of England has voted against a further cut to interest rates, after the latest UK inflation figures remained stubbornly high.. The nine rate-setters on the Bank’s Monetary Policy ...
The Bank of England‘s governor Andrew Bailey has described economic growth in the UK as “subdued”, as a major charity has warned that keeping interest rates unchanged at 5.25 per cent will ...
This policy was affirmed in an exchange of letters between the Bank of England and the UK Chancellor of the Exchequer in September 2022. [114] Between February 2022 and September 2022, a total of £37.1bn of government bonds matured, reducing the outstanding stock from £875.0bn at the end of 2021 to £837.9bn.
The Bank of England raised its key interest rate by half a percentage point to 2.25% on Thursday and said it would continue to "respond forcefully" to inflation as needed, even though the British ...
interest rate (%) Change Effective date of last change Average inflation rate 2017–2021 (%) by WB and IMF [1] [2] as in the List Central bank interest rate minus average inflation rate (2017–2021) Afghanistan: 6.00 3.00: 24 July 2021 [3] 3.38 2.62 Albania: 2.75 0.25: 6 November 2024 [4] 1.78 0.97 Algeria: 3.00 0.25: 29 April 2020 [5] 4.14 ...