The Bank of England voted unanimously to maintain Bank Rate at a record low of 0.1% and the size of its bond-buying program at ￡875 billion during its December meeting, as policymakers took a wait-and-see approach amid uncertainty surrounding a post-Brexit trade deal and concerns over the coronavirus situation. Still, the central bank noted that the successful trialing of some Covid vaccines and initial plans to roll them out widely over the first half of next year will likely reduce the downside risks to the economic outlook. Looking ahead, officials pledged to take whatever additional action is necessary to achieve the 2% inflation target, in a way that helps to sustain growth and employment. CPI inflation is expected to rise quite sharply towards the target in the spring, as the VAT cut comes to an end and the large fall in energy prices earlier this year drops out of the annual comparison. source: Bank of England
Interest Rate in the United Kingdom averaged 7.32 percent from 1971 until 2020, reaching an all time high of 17 percent in November of 1979 and a record low of 0.10 percent in March of 2020. This page provides - United Kingdom Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. United Kingdom Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2020.
Interest Rate in the United Kingdom is expected to be 0.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in the United Kingdom to stand at -0.10 in 12 months time. In the long-term, the United Kingdom Interest Rate is projected to trend around -0.10 percent in 2021, according to our econometric models.