![]() If Bank Rate changes, then normally banks change their interest rates on saving and borrowing. How Bank Rate affects your interest rates It influences the rates those banks charge people to borrow money or pay on their savings. It's part of the Monetary Policy action we take to meet the target that the Government sets us to keep inflation low and stable.īank Rate determines the interest rate we pay to commercial banks that hold money with us. Our Monetary Policy Committee (MPC) sets Bank Rate. ![]() ![]() In the news, it's sometimes called the ‘Bank of England base rate’ or even just ‘the interest rate’.
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