Interest rates in the UK

have stayed at a low level for some time. In fact, they haven't been this stationary for years.

The highest period of interest

rates was in the late 1970s, when the government were fighting high inflation caused by oil prices and rising wages.

Interest rates were also increased to 15% at the beginning of the 1990s when the UK was trying to keep the value of Pound fixed in the ERM and reduce inflation from the Lawson boom.

Essentially,

low interest rates

are generally good for borrowers, but bad for savers. 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.

02/08/20180.75%
02/11/20170.5%
04/08/20160.25%
05/03/20090.5%
05/02/20091%
08/01/20091.5%
04/12/20082%
06/11/20083%
08/10/20084.5%
10/04/20085%
07/02/20085.25%
06/12/20075.5%
05/07/20075.75%
10/05/20075.5%
11/01/20075.25%
09/11/20065%
03/08/20064.75%
04/08/20054.5%
05/08/20044.75%
10/06/20044.5%
06/05/20044.25%
05/02/20044%
06/11/20033.75%
10/07/20033.5%
06/02/20033.75%
08/11/20014%
04/10/20014.5%
18/09/20014.75%
02/08/20015%
10/05/20015.25%
05/04/20015.5%
08/02/20015.75%
10/02/20006%
13/01/20005.75%
04/11/19995.5%
08/09/19995.25%
10/06/19995%
08/04/19995.25%
04/02/19995.5%
07/01/19996%
10/12/19986.25%
05/11/19986.75%
08/10/19987.25%
04/06/19987.5%
06/11/19977.25%
07/08/19977%
10/07/19976.75%
06/06/19976.5%
06/05/19976.25%
30/10/19965.9375%
06/06/19965.6875%
08/03/19965.9375%
18/01/19966.125%
13/12/19956.375%
02/02/19956.625%
07/12/19946.125%
12/09/19945.625%
08/02/19945.125%
23/11/19935.375%
26/01/19935.875%
13/11/19926.875%
16/10/19927.875%
22/09/19928.875%
05/05/19929.875%
04/09/199110.375%
12/07/199110.875%
24/05/199111.375%
12/04/199111.875%
22/03/199112.375%
27/02/199112.875%
13/02/199113.375%
08/10/199013.875%
06/10/198914.875%
08/09/198913.75%
04/09/198913.875%
31/08/198913.8438%
25/05/198913.75%
25/11/198812.875%
25/08/198811.875%
08/08/198810.875%
21/07/198810.375%
07/07/19889.875%
24/06/19888.875%
10/06/19888.375%
03/06/19887.875%
17/05/19887.375%
08/04/19887.875%
17/03/19888.375%
01/02/19888.875%
03/12/19878.375%
04/11/19878.875%
23/10/19879.375%
06/08/19879.875%
08/05/19878.875%
28/04/19879.375%
18/03/19879.875%
09/03/198710.375%
15/10/198610.875%
23/05/19869.875%
18/04/198610.375%
11/04/198610.875%
19/03/198611.375%
15/01/198612.375%
26/07/198511.375%
11/07/198511.875%
19/04/198512.375%
28/03/198512.875%
20/03/198513.375%
28/01/198513.875%
14/01/198511.875%
23/11/19849.5%
19/11/19849.75%
05/11/198410%
17/08/198410.5%
16/08/198410.75%
09/08/198411%
08/08/198411.5%
11/07/198412%
06/07/198410%
29/06/19848.875%
10/05/19849.0625%
14/03/19848.5625%
07/03/19848.8125%
03/10/19839.0625%
10/08/19839.5625%
09/08/19839.4375%
14/06/19839.5625%
13/06/19839.8125%
14/04/198310.0625%
13/04/198310.3125%
15/03/198310.5625%
12/01/198311%
26/11/198210%
02/11/19829.125%
01/11/19829.375%
12/10/19829.625%
30/09/198210.125%
29/09/198210.25%
28/09/198210.375%
27/09/198210.5%
27/08/198210.625%
26/08/198210.875%
25/08/198211%
24/08/198211.125%
17/08/198211.25%
16/08/198211.375%
04/08/198211.5%
02/08/198211.5625%
30/07/198211.625%
29/07/198211.75%
28/07/198211.8125%
26/07/198211.9375%
21/07/198212.0625%
13/07/198212.125%
12/07/198212.25%
09/07/198212.5%
08/06/198212.625%
20/04/198213.125%
19/04/198213%
16/04/198213.125%
10/03/198213.25%
25/02/198213.625%
22/02/198213.8125%
22/01/198213.875%
21/01/198214%
20/01/198214.125%
19/01/198214.25%
18/01/198214.3125%
04/12/198114.375%
25/11/198114.5625%
09/11/198114.625%
06/11/198115.0625%
28/10/198115.125%
12/10/198115%
15/09/198114%
25/08/198112.6875%
11/03/198112%
25/11/198014%
03/07/198016%
15/11/197917%
13/06/197914%
05/04/197912%
01/03/197913%
08/02/197914%
09/11/197812.5%
08/06/197810%
15/05/19789%
08/05/19788.75%
12/04/19787.5%
09/01/19786.5%
28/11/19777%
17/10/19775%
10/10/19775.5%
19/09/19776%
12/09/19776.5%
15/08/19777%
08/08/19777.5%
16/05/19778%
02/05/19778.25%
25/04/19778.75%
18/04/19779%
12/04/19779.25%
31/03/19779.5%
21/03/197710.5%
10/03/197711%
03/02/197712%
31/01/197712.25%
24/01/197713.25%
10/01/197714%
29/12/197614.25%
20/12/197614.5%
22/11/197614.75%
07/10/197615%
13/09/197613%
24/05/197611.5%
26/04/197610.5%
08/03/19769%
01/03/19769.25%
09/02/19769.5%
02/02/197610%
26/01/197610.5%
19/01/197610.75%
05/01/197611%
29/12/197511.25%
01/12/197511.5%
17/11/197511.75%
06/10/197512%
28/07/197511%
05/05/197510%
21/04/19759.75%
24/03/197510%
10/03/197510.25%
17/02/197510.5%
10/02/197510.75%
27/01/197511%
20/01/197511.25%