The rate at which the Bank of England lends money to other financial institutions and banks. This interest rate then affects other rates set by commercial banks and building societies for their lenders and borrowers.
If this is rate is altered by the Bank of England, then the lenders will normally follow its movement and alter their own Standard Variable Rate.
This is the rate set by the Monetary Policy Committee (MPC) of the Bank of England. It is the minimum rate at which lenders can borrow, so in order to make their profit, mortgage providers will set their lending rates a few percentage points higher than this. The rate on offer will depend on the particular profit target of the lender.
The Bank of England set a rate each month known as the 'Base Rate'. Banks and Building Societies use the Base Rate to set the interest rates they pay on deposits, or charge on debts.
This is a variable interest rate set by the Bank of England each month which all our accounts follow.
The Bank of England 'repurchase' or 'repo' rate which is the main factor influencing interest rates charged by lenders.
the rate of interest that is set by the Bank of England that is followed by most lenders in the UK.
