It is the official Bank Rate set by the Bank of England and it affects the interest rates offered by Banks, Building Societies and other financial institutions. By changing the official Bank Rate, the Bank of England seeks to influence overall borrowing in the economy.
The Bank of England base rate can go up or down and is announced at the Bank of England’s Monetary Policy Committee (MPC).
On 3 August 2023 the Bank of England base rate increased from 5.00% to 5.25%. Following the change in the Bank of England base rate on 3 August 2023, The Co-operative Bank’s Standard Variable Rate increased from 7.87% to 8.12% effective from 17 August 2023.
To find out more about the Bank of England Base Rate please visit our support page.
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