The benchmark interest rate in the United Kingdom was last recorded at 0.75 percent. Interest Rate in the United Kingdom averaged 7.49 percent from 1971 until 2019, reaching an all time high of 17 percent in November of 1979 and a record low of 0.25 percent in August of 2016. In the United Kingdom, benchmark interest rate is set by the Monetary Policy Committee (MPC). The Bank of England official interest rate is the repo rate. This repo rate applies to open market operations of the Bank of England with a group of counterparties (banks, building societies, securities firms). This page provides – United Kingdom Interest Rate – actual values, historical data, forecast, chart, statistics, economic calendar and news.