The Bank of England Base Rate is set and monitored by the Monetary Policy Committee.
The Monetary Policy Committee usually meet on the first or second Thursday of every month to decide what should happen with the Bank of England Base Rate.
The Committee can decide to increase, decrease or maintain the Bank of England Base Rate depending on how the economy is performing
A Decrease in the Bank of England Base Rate is usually met with a positive response by the general public as it can signal a reduction in Mortgage Rates and lending costs. Of course the opposite is true when the Bank of England Base Rate is increased.
The Monetary Policy Committee has the right to change the Bank of England Base Rate by any amount. However, changes to the Bank of England Base Rate have a significant impact on the economy and are not taken lightly.
The highest the Bank of England Rate has been in its history is 14%
The Lowest the Bank of England Rate has been in its history is 0.5%
If you have a Mortgage, you may wish to consider how the Bank of England Base Rate and changes in it will affect your monthly Mortgage Repayments
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