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Bank of England Base Rate - Background and Historic Rates

One of the Bank of England's two core purposes is monetary stability. Monetary stability means stable prices - low inflation - and confidence in the currency. Stable prices are defined by the Government's inflation target, which the Bank seeks to meet through the decisions on interest rates taken by the Monetary Policy Committee (MPE)

Monetary Policy Committee (MPC)

The MPC meets every month to set the interest rate. Throughout the month, the MPC receives extensive briefing on the economy from Bank of England staff. This includes a half-day meeting - known as the pre-MPC meeting - which usually takes place on the Friday before the MPC's interest rate setting meeting. The nine members of the Committee are made aware of all the latest data on the economy and hear explanations of recent trends and analysis of relevant issues. The Committee is also told about business conditions around the UK from the Bank's Agents. The Agents' role is to talk directly to business to gain intelligence and insight into current and future economic developments and prospects.

Historic Bank of England Base Rates

The Bank of England Base Rate is currently 4.50%. Historic Base Rate levels and changes are displayed below:

Date

Rate

Date

Rate

Date

Rate

03/08/2006
04/08/2005

05/08/2004
10/06/2004
06/05/2004
05/02/2004
06/11/2003
10/07/2003
06/02/2003
08/11/2001
04/10/2001
18/09/2001
02/08/2001
10/05/2001
05/04/2001
08/02/2001
10/02/2000
13/01/2000
04/11/1999
08/09/1999
10/06/1999
08/04/1999
04/02/1999
07/01/1999
10/12/1998
05/11/1998
08/10/1998
04/06/1998
06/11/1997
07/08/1997
10/07/1997
06/06/1997
06/05/1997
30/10/1996

4.75%
4.50%

4.75%
4.50%
4.25%
4.00%
3.75%
3.50%
3.75%
4.00%
4.50%
4.75%
5.00%
5.25%
5.50%
5.75%
6.00%
5.75%
5.50%
5.25%
5.00%
5.25%
5.50%
6.00%
6.25%
6.75%
7.25%
7.50%
7.25%
7.00%
6.75%
6.50%
6.25%
6.00%

06/06/1996
08/03/1996
18/01/1996
13/12/1995
02/02/1995
07/12/1994
12/09/1994
08/02/1994
23/11/1993
26/01/1993
13/11/1992
16/10/1992
22/09/1992
17/09/1992
16/09/1992
05/05/1992
04/09/1991
12/07/1991
24/05/1991
12/04/1991
22/03/1991
27/02/1991
13/02/1991
08/10/1990
05/10/1989
24/05/1989
25/11/1988
26/08/1988
09/08/1988
19/07/1988
05/07/1988
29/06/1988
23/06/1988

5.75%
6.00%
6.25%
6.50%
6.75%
6.25%
5.75%
5.25%
5.50%
6.00%
7.00%
8.00%
9.00%
10.00%
12.00%
10.00%
10.50%
11.00%
11.50%
12.00%
12.50%
13.00%
13.50%
14.00%
15.00%
14.00%
13.00%
12.00%
11.00%
10.50%
10.00%
9.50%
9.00%

07/06/1988
03/06/1988
17/05/1988
11/04/1988
17/03/1988
02/02/1988
04/12/1987
04/11/1987
29/10/1987
07/08/1987
11/05/1987
28/04/1987
18/03/1987
10/03/1987
15/10/1986
23/05/1986
21/04/1986
08/04/1986
19/03/1986
09/01/1986
29/07/1985
15/07/1985
19/04/1985
12/04/1985
29/03/1985
20/03/1985
28/01/1985
14/01/1985
11/01/1985
23/11/1984
20/11/1984
07/11/1984
17/08/1984

8.50%
8.00%
7.50%
8.00%
8.50%
9.00%
8.50%
9.00%
9.50%
10.00%
9.00%
9.50%
10.00%
10.50%
11.00%
10.00%
10.50%
11.00%
11.50%
12.50%
11.50%
12.00%
12.50%
12.75%
13.00%
13.50%
14.00%
12.00%
10.50%
9.50%
9.75%
10.00%
10.50%
   
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