Official bank rate in the United Kingdom (UK) 2012-2022

The official bank base interest rate in the United Kingdom was raised five times in 2022 in response to inflation. In a bid to minimize the economic effects of the COVID-19 pandemic, the Bank of England cut the official bank base rate in March 2020 to a record low of 0.1 percent. This historic low came just one week after the Bank of England cut rates from 0.75 percent to 0.25 percent in a bid to prevent mass job cuts in the United Kingdom. It remained at 0.1 percent until December 2021 and was increased to one percent in May 2022, and to 2.25 percent in September 2022.