The Bank of England base rate update

The Bank of England’s Monetary Policy Committee meets eight times a year to set the base rate. This takes place roughly every six weeks and the next meeting is later today (21st March 2024). The base rate is currently 5.25%.

The Bank of England’s Monetary Policy Committee is responsible for setting the base rate, also known as “Bank Rate”. The base rate is the most important interest rate in the UK, as the interest that you earn on your savings or that you repay on your loans is influenced, set and adjusted based on this figure. 

The committee is made up of nine members, chaired by Governor of the Bank of England Andrew Bailey. Four of the committee members are external experts, “appointed to make sure that the MPC benefits from thinking and expertise from outside of the Bank of England”, the Bank explains. During each meeting, the committee votes on the rate-setting decision. 

For more information about the best current rates available, contact us on 02921 672480 or email: info@grosvenormay.co.uk.