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Bank of England · updated 23 July 2026

UK interest rates

Current base rate3.75%Held on 18 June 2026 · in place since 18 December 2025
Next decision30 July 2026The Monetary Policy Committee sets the rate ~8 times a year.

The Bank of England base rate is the interest rate the Bank pays to commercial banks, and it steers the cost of borrowing and the return on saving across the UK. It peaked at 5.25% in 2023 and has been coming down since. Here is how it has moved, and what it means for your money.

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Recent base rate changes

DateRateChange
December 20253.75%-25bps
August 20254.00%-25bps
May 20254.25%-25bps
February 20254.50%-25bps
November 20244.75%-25bps
August 20245.00%-25bps
August 20235.25%+25bps
June 20235.00%+50bps
May 20234.50%+25bps
March 20234.25%—

What it means for you

If you have a mortgage

Tracker and standard variable rate mortgages move with the base rate. Fixed deals hold until they end — try the mortgage calculator to see the impact, and read how swap rates affect mortgages.

If you have savings

Savings rates broadly follow the base rate. Compare accounts with the savings calculator, and check your Personal Savings Allowance so any interest stays tax-efficient.

Frequently asked questions

What is the Bank of England base rate right now?

The Bank of England base rate is 3.75%. It has been at this level since 18 December 2025, when the Monetary Policy Committee last changed it.

When is the next interest rate decision?

The Monetary Policy Committee next meets on 30 July 2026. It sets the base rate around eight times a year.

How does the base rate affect my mortgage?

Tracker and standard variable rate mortgages move directly with the base rate, so your payments change soon after a decision. Fixed-rate deals stay the same until they end, but the base rate (and market swap rates) shape the new deals on offer.

How does the base rate affect my savings?

When the base rate rises, savings rates tend to follow, though banks pass on changes at their own pace. When it falls, easy-access savings rates usually drift down too.

Source: Bank of England (Monetary Policy Committee). The base rate can change on any MPC decision date; this page is updated after each meeting.