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  6. What is the Bank of England base rate?

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What is the Bank of England base rate?

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 the 2nd August 2018 The Bank of England base rate increased from 0.50% to 0.75%.

The Co-operative Bank is currently reviewing its position in relation to changes to mortgage rates and we will be communicating any changes in due course once a decision has been made.

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