UK Interest Rate History / Graph

The UK base rate is the interest rate at which commercial banks, like Barcleys and Natwest, borrow from the Bank of England.

In theory, lower the interest rate, the cheaper loans can become for people that take out loans from banks. Low interest rates are generally good for borrowers, but bad for savers. Although, in recent years, low interest rates haven’t been entirely beneficial for borrowers due to the recession, which was partially triggered by careless lending by banks. This has meant that loans and mortgages haven’t been as cheap as they ordinarily should have been.

The rate at which the UK Base Rate is set is decided by the Monetary Policy Committee of the Bank of England. They meet every month to decide the new rate after taking into consideration various economic factors.

Here’s a graph showing the change in the Bank of England base rate since January 1985.

Month Base Rate Change
Sep 14 0.50% 0.00
Aug 14 0.50% 0.00
Jul 14 0.50% 0.00
Jun 14 0.50% 0.00
May 14 0.50% 0.00
Apr 14 0.50% 0.00
Mar 14 0.50% 0.00
Feb 14 0.50% 0.00
Jan 14 0.50% 0.00
Dec 13 0.50% 0.00
Nov 13 0.50% 0.00
Oct 13 0.50% 0.00
Sep 13 0.50% 0.00
Aug 13 0.50% 0.00
Jul 13 0.50% 0.00
Jun 13 0.50% 0.00
May 13 0.50% 0.00
Apr 13 0.50% 0.00
Mar 13 0.50% 0.00
Feb 13 0.50% 0.00
Jan 13 0.50% 0.00
Dec 12 0.50% 0.00
Nov 12 0.50% 0.00
Oct 12 0.50% 0.00
Sep 12 0.50% 0.00
Aug 12 0.50% 0.00
Jul 12 0.50% 0.00
Jun 12 0.50% 0.00
May 12 0.50% 0.00
Apr 12 0.50% 0.00
Mar 12 0.50% 0.00
Feb 12 0.50% 0.00
Jan 12 0.50% 0.00
Dec 11 0.50% 0.00
Nov 11 0.50% 0.00
Oct 11 0.50% 0.00
Sep 11 0.50% 0.00
Aug 11 0.50% 0.00
Jul 11 0.50% 0.00
Jun 11 0.50% 0.00
May 11 0.50% 0.00
Apr 11 0.50% 0.00
Mar 11 0.50% 0.00
Feb 11 0.50% 0.00
Jan 11 0.50% 0.00
Dec 10 0.50% 0.00
Nov 10 0.50% 0.00
Sep 10 0.50% 0.00
Aug 10 0.50% 0.00
Jul 10 0.50% 0.00
Jun 10 0.50% 0.00
May 10 0.50% 0.00
Apr 10 0.50% 0.00
Mar 10 0.50% 0.00
Feb 10 0.50% 0.00
Jan 10 0.50% 0.00
Dec 09 0.50% 0.00
Nov 09 0.50% 0.00
Oct 09 0.50% 0.00
Sep 09 0.50% 0.00
Aug 09 0.50% 0.00
Jul 09 0.50% 0.00
Jun 09 0.50% 0.00
May 09 0.50% 0.00
Apr 09 0.50% 0.00
Mar 09 0.50% 0.50
Feb 09 1.00% 0.50
Jan 09 1.50% 0.50
Dec 08 2.00% 1.00
Nov 08 3.00% 1.50
Oct 08 4.50% 0.50
Sep 08 5.00% 0.00
Aug 08 5.00% 0.00
Jul 08 5.00% 0.00
Jun 08 5.00% 0.00
May 08 5.00% 0.00
Apr 08 5.00% 0.25
Mar 08 5.25% 0.00
Feb 08 5.25% 0.25
Jan 08 5.50% 0.00
Dec 07 5.50% 0.25
Nov 07 5.75% 0.00
Oct 07 5.75% 0.00
Sep 07 5.75% 0.00
Jul 07 5.75% 0.25
Jun 07 5.50% 0.00
May 07 5.50% 0.25
Apr 07 5.25% 0.00
Mar 07 5.25% 0.00
Feb 07 5.25% 0.00
Jan 07 5.25% 0.25
Dec 06 5.00% 0.00
Nov 06 5.00% 0.25
Oct 06 4.75% 0.00
Sep 06 4.75% 0.00
Aug 06 4.75% 0.25
Jul 06 4.50% 0.00
Jun 06 4.50% 0.00
May 06 4.50% 0.00
Apr 06 4.50% 0.00
Mar 06 4.50% 0.00
Feb 06 4.50% 0.00
Jan 06 4.50% 0.00
Dec 05 4.50% 0.00
Nov 05 4.50% 0.00
Oct 05 4.50% 0.00
Sep 05 4.50% 0.00
Aug 05 4.50% 0.25
Jul 05 4.75% 0.00
Jun 05 4.75% 0.00
May 05 4.75% 0.00
Apr 05 4.75% 0.00
Mar 05 4.75% 0.00
Feb 05 4.75% 0.00
Jan 05 4.75% 0.00
Dec 04 4.75% 0.00
Nov 04 4.75% 0.00
Oct 04 4.75% 0.00
Sep 04 4.75% 0.00
Aug 04 4.75% 0.25
Jul 04 4.50% 0.00
Jun 04 4.50% 0.25
May 04 4.25% 0.25
Apr 04 4.00% 0.00
Mar 04 4.00% 0.00
Feb 04 4.00% 0.25
Jan 04 3.75% 0.00
Dec 03 3.75% 0.00
Nov 03 3.75% 0.25
Oct 03 3.50% 0.00
Sep 03 3.50% 0.00
Aug 03 3.50% 0.00
Jul 03 3.50% 0.25
Jun 03 3.75% 0.00
May 03 3.75% 0.00
Apr 03 3.75% 0.00
Mar 03 3.75% 0.00
Feb 03 3.75% 0.25
Jan 03 4.00% 0.00
Dec 02 4.00% 0.00
Nov 02 4.00% 0.00
Oct 02 4.00% 0.00
Sep 02 4.00% 0.00
Aug 02 4.00% 0.00
Jul 02 4.00% 0.00
Jun 02 4.00% 0.00
May 02 4.00% 0.00
Apr 02 4.00% 0.00
Mar 02 4.00% 0.00
Feb 02 4.00% 0.00
Jan 02 4.00% 0.00
Dec 01 4.00% 0.00
Nov 01 4.00% 0.50
Oct 01 4.50% 0.25
Sep 01 4.75% 0.25
Aug 01 5.00% 0.25
Jul 01 5.25% 0.00
Jun 01 5.25% 0.00
May 01 5.25% 0.25
Apr 01 5.50% 0.25
Mar 01 5.75% 0.00
Feb 01 5.75% 0.25
Jan 01 6.00% 0.00
Dec 00 6.00% 0.00
Nov 00 6.00% 0.00
Oct 00 6.00% 0.00
Sep 00 6.00% 0.00
Aug 00 6.00% 0.00
Jul 00 6.00% 0.00
Jun 00 6.00% 0.00
May 00 6.00% 0.00
Apr 00 6.00% 0.00
Mar 00 6.00% 0.00
Feb 00 6.00% 0.25
Jan 00 5.75% 0.25
Dec 99 5.50% 0.00
Nov 99 5.50% 0.25
Oct 99 5.25% 0.00
Sep 99 5.25% 0.25
Aug 99 5.00% 0.00
Jul 99 5.00% 0.00
Jun 99 5.00% 0.25
May 99 5.25% 0.00
Apr 99 5.25% 0.25
Mar 99 5.25% 0.00
Feb 99 5.50% 0.25
Jan 99 6.00% 0.25
Dec 98 6.25% 0.50
Nov 98 6.75% 0.50
Oct 98 7.25% 0.25
Sep 98 7.50% 0.00
Aug 98 7.50% 0.00
Jul 98 7.50% 0.00
Jun 98 7.50% 0.25
May 98 7.25% 0.00
Apr 98 7.25% 0.00
Mar 98 7.25% 0.00
Feb 98 7.25% 0.00
Jan 98 7.25% 0.00
Dec 97 7.25% 0.00
Nov 97 7.25% 0.25
Oct 97 7.00% 0.00
Sep 97 7.00% 0.00
Aug 97 7.00% 0.25
Jul 97 6.75% 0.25
Jun 97 6.50% 0.25
May 97 6.25% 0.25
Apr 97 6.00% 0.00
Mar 97 6.00% 0.00
Feb 97 6.00% 0.00
Jan 97 6.00% 0.00
Dec 96 6.00% 0.00
Nov 96 6.00% 0.00
Oct 96 6.00% 0.25
Sep 96 5.75% 0.00
Aug 96 5.75% 0.00
Jul 96 5.75% 0.00
Jun 96 5.75% 0.25
May 96 6.00% 0.00
Apr 96 6.00% 0.00
Mar 96 6.00% 0.25
Feb 96 6.25% 0.00
Jan 96 6.25% 0.25
Dec 95 6.50% 0.25
Nov 95 6.75% 0.00
Oct 95 6.75% 0.00
Sep 95 6.75% 0.00
Aug 95 6.75% 0.00
Jul 95 6.75% 0.00
Jun 95 6.75% 0.00
May 95 6.75% 0.00
Apr 95 6.75% 0.00
Mar 95 6.75% 0.00
Feb 95 6.75% 0.50
Jan 95 6.25% 0.00
Dec 94 6.25% 0.50
Nov 94 5.75% 0.00
Oct 94 5.75% 0.00
Sep 94 5.75% 0.50
Aug 94 5.25% 0.00
Jul 94 5.25% 0.00
Jun 94 5.25% 0.00
May 94 5.25% 0.00
Apr 94 5.25% 0.00
Mar 94 5.25% 0.00
Feb 94 5.25% 0.25
Jan 94 5.50% 0.00
Dec 93 5.50% 0.00
Nov 93 5.50% 0.50
Oct 93 6.00% 0.00
Sep 93 6.00% 0.00
Aug 93 6.00% 0.00
Jul 93 6.00% 0.00
Jun 93 6.00% 0.00
May 93 6.00% 0.00
Apr 93 6.00% 0.00
Mar 93 6.00% 0.00
Feb 93 6.00% 0.00
Jan 93 6.00% 1.00
Dec 92 7.00% 0.00
Nov 92 7.00% 1.00
Oct 92 8.00% 1.00
Sep 92 9.00% 0.50
Aug 92 10.00% 0.00
Jul 92 10.00% 0.00
Jun 92 10.00% 0.00
May 92 10.00% 0.50
Apr 92 10.50% 0.00
Mar 92 10.50% 0.00
Feb 92 10.50% 0.00
Jan 92 10.50% 0.00
Dec 91 10.50% 0.00
Nov 91 10.50% 0.00
Oct 91 10.50% 0.00
Sep 91 10.50% 0.50
Aug 91 11.00% 0.00
Jul 91 11.00% 0.50
Jun 91 11.50% 0.00
May 91 11.50% 0.50
Apr 91 12.00% 0.50
Mar 91 12.50% 0.50
Feb 91 13.00% 1.00
Jan 91 14.00% 0.00
Dec 90 14.00% 0.00
Nov 90 14.00% 0.00
Oct 90 14.00% 1.00
Sep 90 15.00% 0.00
Aug 90 15.00% 0.00
Jul 90 15.00% 0.00
Jun 90 15.00% 0.00
May 90 15.00% 0.00
Apr 90 15.00% 0.00
Mar 90 15.00% 0.00
Feb 90 15.00% 0.00
Jan 90 15.00% 0.00
Dec 89 15.00% 0.00
Nov 89 15.00% 0.00
Oct 89 15.00% 1.00
Sep 89 14.00% 0.00
Aug 89 14.00% 0.00
Jul 89 14.00% 0.00
Jun 89 14.00% 0.00
May 89 14.00% 1.00
Apr 89 13.00% 0.00
Mar 89 13.00% 0.00
Feb 89 13.00% 0.00
Jan 89 13.00% 0.00
Dec 88 13.00% 0.00
Nov 88 13.00% 1.00
Oct 88 12.00% 0.00
Sep 88 12.00% 0.00
Aug 88 12.00% 1.50
Jul 88 10.50% 1.00
Jun 88 9.50% 2.00
May 88 7.50% 0.50
Apr 88 8.00% 0.50
Mar 88 8.50% 0.50
Feb 88 9.00% 0.50
Jan 88 8.50% 0.00
Dec 87 8.50% 0.50
Nov 87 9.00% 0.50
Oct 87 9.50% 0.50
Sep 87 10.00% 0.00
Aug 87 10.00% 1.00
Jul 87 9.00% 0.50
Jun 87 9.00% 0.50
May 87 9.00% 0.50
Apr 87 9.50% 0.50
Mar 87 10.00% 1.00
Feb 87 11.00% 0.00
Jan 87 11.00% 0.00
Dec 86 11.00% 0.00
Nov 86 11.00% 0.00
Oct 86 11.00% 1.00
Sep 86 10.00% 0.00
Aug 86 10.00% 0.00
Jul 86 10.00% 0.00
Jun 86 10.00% 0.00
May 86 10.00% 0.50
Apr 86 10.50% 1.00
Mar 86 11.50% 0.00
Feb 86 11.50% 0.00
Jan 86 11.50% 0.00
Dec 85 11.50% 0.00
Nov 85 11.50% 0.00
Oct 85 11.50% 0.00
Sep 85 11.50% 0.00
Aug 85 11.50% 0.00
Jul 85 11.50% 1.00
Jun 85 12.50% 0.00
May 85 12.50% 0.25
Apr 85 12.75% 0.75
Mar 85 13.50% 0.50
Feb 85 14.00% 0.00
Jan 85 14.00% 0.00