Terminology Explained

Bank Base Rate

Bank base interest rates are currently set by the Bank of England’s Monetary Policy Committee (MPC), In certain circumstances the Government has the power to give instructions to the Bank on interest rates for a limited period.

The MPC comprises the Governor of the Bank, the two deputy governors, the Bank's chief economist, the executive director for market operations and four external members appointed directly by the Chancellor. It meets monthly.

The base rate or Repo rate as it is sometimes referred to, sets a benchmark for other interest rates, including personal loans and mortgage interest rates.

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