Bank of England Base Rate
The current Bank Rate, the date of the next Monetary Policy Committee decision, every change since 20 January 1975 and what the rate moves. Read from the Bank of England on 22 October 2026.
Current Bank Rate
3.75%
Since 18 December 2025, down from 4.00%
Latest decision
Held at 3.75%
17 September 2026
Next decision
5 November 2026
Announced by the Bank of England MPC
Bank of England interest rate decision dates
The MPC announces its decision on a Thursday. Dates marked with a Monetary Policy Report also publish the Bank's quarterly forecasts.
Remaining in 2026
| Thursday 5 November | with Monetary Policy Report |
| Thursday 17 December |
All of 2027
| Thursday 4 February | with Monetary Policy Report |
| Thursday 18 March | |
| Thursday 29 April | with Monetary Policy Report |
| Thursday 17 June | |
| Thursday 29 July | with Monetary Policy Report |
| Thursday 16 September | |
| Thursday 4 November | with Monetary Policy Report |
| Thursday 16 December |
What the base rate moves
- HMRC interest. Late-payment interest is Bank Rate plus 4 percentage points (7.75% now) and repayment interest is 2.75%. A change takes effect on the 13th working day after the MPC meeting. See HMRC interest rates and the HMRC interest calculator.
- Savings. The Bank says banks will usually raise the interest they offer on savings when it raises Bank Rate, and the reverse if it cuts. Compare with NS&I interest rates, and check how much interest is tax-free in the tax on savings interest guide.
- Mortgages and loans. The Bank says banks will usually raise what they charge on loans when Bank Rate rises. Tracker mortgages follow it directly, fixed rates do not change until the term ends. Try the mortgage calculator or the remortgage calculator.
Bank of England base rate history since 2008
Every change to Bank Rate in the Bank's official table, newest first. The rate applies from the date shown until the next row. Across the whole table, which starts in 1975, the highest rate was 17.00% (from 15 November 1979) and the lowest 0.10% (from 19 March 2020).
| Date changed | Bank Rate | Change |
|---|---|---|
| 18 December 2025 (current) | 3.75% | −0.25 points |
| 7 August 2025 | 4.00% | −0.25 points |
| 8 May 2025 | 4.25% | −0.25 points |
| 6 February 2025 | 4.50% | −0.25 points |
| 7 November 2024 | 4.75% | −0.25 points |
| 1 August 2024 | 5.00% | −0.25 points |
| 3 August 2023 | 5.25% | +0.25 points |
| 22 June 2023 | 5.00% | +0.50 points |
| 11 May 2023 | 4.50% | +0.25 points |
| 23 March 2023 | 4.25% | +0.25 points |
| 2 February 2023 | 4.00% | +0.50 points |
| 15 December 2022 | 3.50% | +0.50 points |
| 3 November 2022 | 3.00% | +0.75 points |
| 22 September 2022 | 2.25% | +0.50 points |
| 4 August 2022 | 1.75% | +0.50 points |
| 16 June 2022 | 1.25% | +0.25 points |
| 5 May 2022 | 1.00% | +0.25 points |
| 17 March 2022 | 0.75% | +0.25 points |
| 3 February 2022 | 0.50% | +0.25 points |
| 16 December 2021 | 0.25% | +0.15 points |
| 19 March 2020 | 0.10% | −0.15 points |
| 11 March 2020 | 0.25% | −0.50 points |
| 2 August 2018 | 0.75% | +0.25 points |
| 2 November 2017 | 0.50% | +0.25 points |
| 4 August 2016 | 0.25% | −0.25 points |
| 5 March 2009 | 0.50% | −0.50 points |
| 5 February 2009 | 1.00% | −0.50 points |
| 8 January 2009 | 1.50% | −0.50 points |
| 4 December 2008 | 2.00% | −1.00 points |
| 6 November 2008 | 3.00% | −1.50 points |
| 8 October 2008 | 4.50% | −0.50 points |
| 10 April 2008 | 5.00% | −0.25 points |
| 7 February 2008 | 5.25% | −0.25 points |
Earlier changes, 1975 to 2007
| Date changed | Bank Rate | Change |
|---|---|---|
| 6 December 2007 | 5.50% | −0.25 points |
| 5 July 2007 | 5.75% | +0.25 points |
| 10 May 2007 | 5.50% | +0.25 points |
| 11 January 2007 | 5.25% | +0.25 points |
| 9 November 2006 | 5.00% | +0.25 points |
| 3 August 2006 | 4.75% | +0.25 points |
| 4 August 2005 | 4.50% | −0.25 points |
| 5 August 2004 | 4.75% | +0.25 points |
| 10 June 2004 | 4.50% | +0.25 points |
| 6 May 2004 | 4.25% | +0.25 points |
| 5 February 2004 | 4.00% | +0.25 points |
| 6 November 2003 | 3.75% | +0.25 points |
| 10 July 2003 | 3.50% | −0.25 points |
| 6 February 2003 | 3.75% | −0.25 points |
| 8 November 2001 | 4.00% | −0.50 points |
| 4 October 2001 | 4.50% | −0.25 points |
| 18 September 2001 | 4.75% | −0.25 points |
| 2 August 2001 | 5.00% | −0.25 points |
| 10 May 2001 | 5.25% | −0.25 points |
| 5 April 2001 | 5.50% | −0.25 points |
| 8 February 2001 | 5.75% | −0.25 points |
| 10 February 2000 | 6.00% | +0.25 points |
| 13 January 2000 | 5.75% | +0.25 points |
| 4 November 1999 | 5.50% | +0.25 points |
| 8 September 1999 | 5.25% | +0.25 points |
| 10 June 1999 | 5.00% | −0.25 points |
| 8 April 1999 | 5.25% | −0.25 points |
| 4 February 1999 | 5.50% | −0.50 points |
| 7 January 1999 | 6.00% | −0.25 points |
| 10 December 1998 | 6.25% | −0.50 points |
| 5 November 1998 | 6.75% | −0.50 points |
| 8 October 1998 | 7.25% | −0.25 points |
| 4 June 1998 | 7.50% | +0.25 points |
| 6 November 1997 | 7.25% | +0.25 points |
| 7 August 1997 | 7.00% | +0.25 points |
| 10 July 1997 | 6.75% | +0.25 points |
| 6 June 1997 | 6.50% | +0.25 points |
| 6 May 1997 | 6.25% | +0.31 points |
| 30 October 1996 | 5.94% | +0.25 points |
| 6 June 1996 | 5.69% | −0.25 points |
| 8 March 1996 | 5.94% | −0.19 points |
| 18 January 1996 | 6.13% | −0.25 points |
| 13 December 1995 | 6.38% | −0.25 points |
| 2 February 1995 | 6.63% | +0.50 points |
| 7 December 1994 | 6.13% | +0.50 points |
| 12 September 1994 | 5.63% | +0.50 points |
| 8 February 1994 | 5.13% | −0.25 points |
| 23 November 1993 | 5.38% | −0.50 points |
| 26 January 1993 | 5.88% | −1.00 points |
| 13 November 1992 | 6.88% | −1.00 points |
| 16 October 1992 | 7.88% | −1.00 points |
| 22 September 1992 | 8.88% | −1.00 points |
| 5 May 1992 | 9.88% | −0.50 points |
| 4 September 1991 | 10.38% | −0.50 points |
| 12 July 1991 | 10.88% | −0.50 points |
| 24 May 1991 | 11.38% | −0.50 points |
| 12 April 1991 | 11.88% | −0.50 points |
| 22 March 1991 | 12.38% | −0.50 points |
| 27 February 1991 | 12.88% | −0.50 points |
| 13 February 1991 | 13.38% | −0.50 points |
| 8 October 1990 | 13.88% | −1.00 points |
| 6 October 1989 | 14.88% | +1.13 points |
| 8 September 1989 | 13.75% | −0.13 points |
| 4 September 1989 | 13.88% | +0.04 points |
| 31 August 1989 | 13.84% | +0.09 points |
| 25 May 1989 | 13.75% | +0.87 points |
| 25 November 1988 | 12.88% | +1.00 points |
| 25 August 1988 | 11.88% | +1.00 points |
| 8 August 1988 | 10.88% | +0.50 points |
| 21 July 1988 | 10.38% | +0.50 points |
| 7 July 1988 | 9.88% | +1.00 points |
| 24 June 1988 | 8.88% | +0.50 points |
| 10 June 1988 | 8.38% | +0.50 points |
| 3 June 1988 | 7.88% | +0.50 points |
| 17 May 1988 | 7.38% | −0.50 points |
| 8 April 1988 | 7.88% | −0.50 points |
| 17 March 1988 | 8.38% | −0.50 points |
| 1 February 1988 | 8.88% | +0.50 points |
| 3 December 1987 | 8.38% | −0.50 points |
| 4 November 1987 | 8.88% | −0.50 points |
| 23 October 1987 | 9.38% | −0.50 points |
| 6 August 1987 | 9.88% | +1.00 points |
| 8 May 1987 | 8.88% | −0.50 points |
| 28 April 1987 | 9.38% | −0.50 points |
| 18 March 1987 | 9.88% | −0.50 points |
| 9 March 1987 | 10.38% | −0.50 points |
| 15 October 1986 | 10.88% | +1.00 points |
| 23 May 1986 | 9.88% | −0.50 points |
| 18 April 1986 | 10.38% | −0.50 points |
| 11 April 1986 | 10.88% | −0.50 points |
| 19 March 1986 | 11.38% | −1.00 points |
| 15 January 1986 | 12.38% | +1.00 points |
| 26 July 1985 | 11.38% | −0.50 points |
| 11 July 1985 | 11.88% | −0.50 points |
| 19 April 1985 | 12.38% | −0.50 points |
| 28 March 1985 | 12.88% | −0.50 points |
| 20 March 1985 | 13.38% | −0.50 points |
| 28 January 1985 | 13.88% | +2.00 points |
| 14 January 1985 | 11.88% | +2.38 points |
| 23 November 1984 | 9.50% | −0.25 points |
| 19 November 1984 | 9.75% | −0.25 points |
| 5 November 1984 | 10.00% | −0.50 points |
| 17 August 1984 | 10.50% | −0.25 points |
| 16 August 1984 | 10.75% | −0.25 points |
| 9 August 1984 | 11.00% | −0.50 points |
| 8 August 1984 | 11.50% | −0.50 points |
| 11 July 1984 | 12.00% | +2.00 points |
| 6 July 1984 | 10.00% | +1.12 points |
| 29 June 1984 | 8.88% | −0.18 points |
| 10 May 1984 | 9.06% | +0.50 points |
| 14 March 1984 | 8.56% | −0.25 points |
| 7 March 1984 | 8.81% | −0.25 points |
| 3 October 1983 | 9.06% | −0.50 points |
| 10 August 1983 | 9.56% | +0.12 points |
| 9 August 1983 | 9.44% | −0.12 points |
| 14 June 1983 | 9.56% | −0.25 points |
| 13 June 1983 | 9.81% | −0.25 points |
| 14 April 1983 | 10.06% | −0.25 points |
| 13 April 1983 | 10.31% | −0.25 points |
| 15 March 1983 | 10.56% | −0.44 points |
| 12 January 1983 | 11.00% | +1.00 points |
| 26 November 1982 | 10.00% | +0.87 points |
| 2 November 1982 | 9.13% | −0.25 points |
| 1 November 1982 | 9.38% | −0.25 points |
| 12 October 1982 | 9.63% | −0.50 points |
| 30 September 1982 | 10.13% | −0.12 points |
| 29 September 1982 | 10.25% | −0.13 points |
| 28 September 1982 | 10.38% | −0.12 points |
| 27 September 1982 | 10.50% | −0.13 points |
| 27 August 1982 | 10.63% | −0.25 points |
| 26 August 1982 | 10.88% | −0.12 points |
| 25 August 1982 | 11.00% | −0.13 points |
| 24 August 1982 | 11.13% | −0.12 points |
| 17 August 1982 | 11.25% | −0.13 points |
| 16 August 1982 | 11.38% | −0.12 points |
| 4 August 1982 | 11.50% | −0.06 points |
| 2 August 1982 | 11.56% | −0.07 points |
| 30 July 1982 | 11.63% | −0.12 points |
| 29 July 1982 | 11.75% | −0.06 points |
| 28 July 1982 | 11.81% | −0.13 points |
| 26 July 1982 | 11.94% | −0.12 points |
| 21 July 1982 | 12.06% | −0.07 points |
| 13 July 1982 | 12.13% | −0.12 points |
| 12 July 1982 | 12.25% | −0.25 points |
| 9 July 1982 | 12.50% | −0.13 points |
| 8 June 1982 | 12.63% | −0.50 points |
| 20 April 1982 | 13.13% | +0.13 points |
| 19 April 1982 | 13.00% | −0.13 points |
| 16 April 1982 | 13.13% | −0.12 points |
| 10 March 1982 | 13.25% | −0.38 points |
| 25 February 1982 | 13.63% | −0.18 points |
| 22 February 1982 | 13.81% | −0.07 points |
| 22 January 1982 | 13.88% | −0.12 points |
| 21 January 1982 | 14.00% | −0.13 points |
| 20 January 1982 | 14.13% | −0.12 points |
| 19 January 1982 | 14.25% | −0.06 points |
| 18 January 1982 | 14.31% | −0.07 points |
| 4 December 1981 | 14.38% | −0.18 points |
| 25 November 1981 | 14.56% | −0.07 points |
| 9 November 1981 | 14.63% | −0.43 points |
| 6 November 1981 | 15.06% | −0.07 points |
| 28 October 1981 | 15.13% | +0.13 points |
| 12 October 1981 | 15.00% | +1.00 points |
| 15 September 1981 | 14.00% | +1.31 points |
| 25 August 1981 | 12.69% | +0.69 points |
| 11 March 1981 | 12.00% | −2.00 points |
| 25 November 1980 | 14.00% | −2.00 points |
| 3 July 1980 | 16.00% | −1.00 points |
| 15 November 1979 | 17.00% | +3.00 points |
| 13 June 1979 | 14.00% | +2.00 points |
| 5 April 1979 | 12.00% | −1.00 points |
| 1 March 1979 | 13.00% | −1.00 points |
| 8 February 1979 | 14.00% | +1.50 points |
| 9 November 1978 | 12.50% | +2.50 points |
| 8 June 1978 | 10.00% | +1.00 points |
| 15 May 1978 | 9.00% | +0.25 points |
| 8 May 1978 | 8.75% | +1.25 points |
| 12 April 1978 | 7.50% | +1.00 points |
| 9 January 1978 | 6.50% | −0.50 points |
| 28 November 1977 | 7.00% | +2.00 points |
| 17 October 1977 | 5.00% | −0.50 points |
| 10 October 1977 | 5.50% | −0.50 points |
| 19 September 1977 | 6.00% | −0.50 points |
| 12 September 1977 | 6.50% | −0.50 points |
| 15 August 1977 | 7.00% | −0.50 points |
| 8 August 1977 | 7.50% | −0.50 points |
| 16 May 1977 | 8.00% | −0.25 points |
| 2 May 1977 | 8.25% | −0.50 points |
| 25 April 1977 | 8.75% | −0.25 points |
| 18 April 1977 | 9.00% | −0.25 points |
| 12 April 1977 | 9.25% | −0.25 points |
| 31 March 1977 | 9.50% | −1.00 points |
| 21 March 1977 | 10.50% | −0.50 points |
| 10 March 1977 | 11.00% | −1.00 points |
| 3 February 1977 | 12.00% | −0.25 points |
| 31 January 1977 | 12.25% | −1.00 points |
| 24 January 1977 | 13.25% | −0.75 points |
| 10 January 1977 | 14.00% | −0.25 points |
| 29 December 1976 | 14.25% | −0.25 points |
| 20 December 1976 | 14.50% | −0.25 points |
| 22 November 1976 | 14.75% | −0.25 points |
| 7 October 1976 | 15.00% | +2.00 points |
| 13 September 1976 | 13.00% | +1.50 points |
| 24 May 1976 | 11.50% | +1.00 points |
| 26 April 1976 | 10.50% | +1.50 points |
| 8 March 1976 | 9.00% | −0.25 points |
| 1 March 1976 | 9.25% | −0.25 points |
| 9 February 1976 | 9.50% | −0.50 points |
| 2 February 1976 | 10.00% | −0.50 points |
| 26 January 1976 | 10.50% | −0.25 points |
| 19 January 1976 | 10.75% | −0.25 points |
| 5 January 1976 | 11.00% | −0.25 points |
| 29 December 1975 | 11.25% | −0.25 points |
| 1 December 1975 | 11.50% | −0.25 points |
| 17 November 1975 | 11.75% | −0.25 points |
| 6 October 1975 | 12.00% | +1.00 points |
| 28 July 1975 | 11.00% | +1.00 points |
| 5 May 1975 | 10.00% | +0.25 points |
| 21 April 1975 | 9.75% | −0.25 points |
| 24 March 1975 | 10.00% | −0.25 points |
| 10 March 1975 | 10.25% | −0.25 points |
| 17 February 1975 | 10.50% | −0.25 points |
| 10 February 1975 | 10.75% | −0.25 points |
| 27 January 1975 | 11.00% | −0.25 points |
| 20 January 1975 | 11.25% | First row |
Frequently asked questions
What is the Bank of England base rate today?
3.75%. The Monetary Policy Committee held it at 3.75% on 17 September 2026; the last change was on 18 December 2025, down from 4.00%.
When is the next Bank of England interest rate decision?
Thursday 5 November 2026. The Bank publishes the MPC dates a year or more ahead; the full list for the rest of 2026 and for 2027 is above.
Is the base rate the same as Bank Rate?
Yes. Bank Rate is the Bank of England's official name for what is commonly called the base rate or the Bank of England interest rate. The Bank describes it as the rate it pays commercial banks, building societies and financial institutions that hold money with it, and the rate it charges on loans it may make to them.
How often does the Bank of England change the base rate?
The MPC meets eight times a year and decides each time whether to raise, cut or hold Bank Rate. Its aim is to return inflation to, or keep it at, the 2% target.
How does the base rate affect HMRC interest?
HMRC's late-payment interest is Bank Rate plus 4% (it was plus 2.5% before 6 April 2025), so it is 7.75% at the current rate; repayment interest, which HMRC pays you, is 2.75%. A change reaches HMRC's rates on the 13th working day after the MPC meeting. See HMRC interest rates.
Does a base rate change affect my mortgage?
It depends on the deal. A tracker mortgage moves with Bank Rate, as its terms set out. A fixed rate is unchanged until the fixed period ends. A standard variable rate is set by the lender. Test your own figures in the mortgage calculator.
Does a base rate change affect savings rates?
Usually, but not one for one. The Bank says banks will usually raise the interest they offer on savings when Bank Rate rises and lower it when Bank Rate falls. Each provider decides the size and timing, and NS&I sets its own rates without a fixed calendar: see NS&I interest rates.
What was the highest and lowest Bank Rate?
In the Bank's table, which starts on 20 January 1975, Bank Rate peaked at 17.00% (from 15 November 1979) and was lowest at 0.10% (from 19 March 2020).
Sources
Read from bankofengland.co.uk on 22 October 2026. Check the Bank of England's Bank Rate page on decision day.
Related Calculators
HMRC Interest Calculator
Simple daily interest on late tax owed, or repayment interest HMRC owes you back, split across every published rate change your dates span.
NS&I Interest Rates
Premium Bonds prize fund rate and odds, Direct Saver, Income Bonds, British Savings Bonds and Green Savings Bonds, with start dates and previous rates.
Mortgage Calculator
UK mortgage repayments with stamp duty, deposit, and total interest over the term.