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What is the Bank of England Base Rate and who sets it?

The Bank of England (BoE) is the central bank of the UK. Base Rate is an interest rate set by the Bank of England’s Monetary Policy Committee. The Bank of England Base Rate is one of the most important interest rates because it tends to influence all the other interest rates, such as those set by banks, including mortgage, loan and savings rates and rates for businesses.

The bank’s Base Rate will align to the Bank of England Base Rate.