The Bank of England will announce its monetary policy decision later in the day as Britain prepares to leave the European Union on January 31st, with latest forecasts pointing to a 5-4 vote to keep interest rates on hold. Still, financial markets priced in a 49 percent chance that policymakers would cut Bank Rate by 25bps as the latest economic data paints a mixed picture. Britain’s economy grew at the weakest annual pace since 2012 in November, while the job market remains strong and business confidence rebounded following PM Johnson victory in December’s election. Interest Rate in the United Kingdom averaged 7.44 percent from 1971 until 2020, reaching an all time high of 17 percent in November of 1979 and a record low of 0.25 percent in August of 2016. In the United Kingdom, benchmark interest rate is set by the Monetary Policy Committee (MPC). The Bank of England official interest rate is the repo rate. This repo rate applies to open market operations of the Bank of England with a group of counterparties (banks, building societies, securities firms). This page provides – United Kingdom Interest Rate – actual values, historical data, forecast, chart, statistics, economic calendar and news.
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