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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.
The Bank of England has reduced interest rates after seven members of the central bank’s nine-strong Monetary Policy Committee (MPC) voted to reduce the base rate from 4.75 per cent to 4.5 per cent.
Bank raises UK interest rate to 5 per cent from 4.5 per cent
Sweden's central bank has cut its key interest rate today to 2.75 per cent from 3.25 per cent, as expected, while the Norwegian central bank held its policy interest rate unchanged at a 16-year ...
This is a list of countries by annualized interest rate set by the central bank for charging commercial, ... 1 July 2023 [13] 5.58 0.92
The Bank of England says that rising interest rates mean that mortgages for at least one million borrowers will rise by an average of £500 a month by the end of 2023. [508] The 2.6 GW Hornsea Project 4 is approved by the government, becoming the second-largest UK wind farm to receive planning consent, following Hornsea Project Three. [509] 13 July
In March 2020, in response to the COVID-19 pandemic, a temporary ban was imposed on non-essential business and travel in the UK. The BoE cut the interest rate to 0.1%. [116] Economic growth had been weak before the crisis, with zero growth in Q4 2019. [117] By May, 23% of the British workforce was furloughed (temporarily laid off).
The BoE expects economic growth to be ‘broadly flat’ through 2024