It is the Bank of England's key interest rate for enacting monetary policy.
Changes are recommended by the Monetary Policy Committee and enacted by the Governor.
On 2 August 2018 the Bank of England base rate was increased to 0.75%,[2] but then cut to 0.25% on 11 March 2020,[3] and shortly thereafter to an all-time low of 0.1% on 19 March, as emergency measures during the COVID-19 pandemic.
[6] The official bank rate has existed in various forms since 1694 and has ranged from 0.1% to 17%.
[7] The name and meaning (depositing vs lending) of this key interest rate has changed over the years.