United Kingdom · Bank of England

United Kingdom: bank rate 3.75%

Bank of England · Bank Rate

3.75%
−25 bpsfrom 4.00%

The Bank of England has held Bank Rate at 3.75% for 10 months. Its last move was a 25 bps cut, effective 18 Dec 2025.

Effective
18 Dec 202510 months ago
Cycle
On holdFor 10 months
Moves in 12 months
11 cut
Next decision
Not on our calendar yetBeing added
A year ago4.00%
5-year high5.25%
5-year low0.10%
2 official sources · release 38d45b4be6a0

How high it is

Higher than on 54% of days since 2000

Days at each level since 2000. Today’s level is in colour.

Where in the cycle

On hold for 10 months after easing

Three earlier easing cycles ran a median −250 bps over 2 years 5 months.

Against the Fed

−25 bps below the Fed, deeper discount than on 71% of days since 2000

The same gap as a year ago.

Among 7 central banks

The 5th highest policy rate of the seven

Above the ECB and BoC.

What it means for a loan

On a £250,000 loan over 25 years, this cut takes off about £35 a month

£
yrs
%

Defaults model a £250,000 tracker mortgage. Change any field.

If the BoE’s −25 bps reaches your loan
−£35a month
Monthly payment
£1,390 → £1,354
Or keep the monthly payment
13 fewer months
Interest over the loan
−£10,571
Rate
4.50% → 4.25%
Standard amortisation on the balance left. Your lender’s spread and reset date decide when, and how much of this, you see.

How it reaches loans in the UK

Trackers move from the next payment; fixed deals feel it at remortgage

Tracker mortgageDirect
Priced off
Bank Rate plus a margin
Resets
Usually from the next monthly payment
A tracker follows Bank Rate one for one.
Fixed-rate mortgageNone
Priced off
Fixed for two to five years
Resets
When the deal ends
Most UK borrowers are on fixed deals and feel Bank Rate when they remortgage.
Your loan agreement’s benchmark and reset clause decide which applies.

Where this cycle stands

The Bank of England last cut rates 10 months ago. That easing cycle moved −150 bps in 17 months, against a median of −250 bps for earlier ones.

This cycleEarlier easing cycles, by start yearMedian total

Every cycle since 2000

Five tightening and five easing cycles. Hover one to trace it.

Easing · latest−150 Aug 2024 to Dec 2025 · 6 moves
Tightening+515 Dec 2021 to Aug 2023 · 14 moves
Easing−65 Mar 2020 to Mar 2020 · 2 moves
Tightening+50 Nov 2017 to Aug 2018 · 2 moves
Easing−550 Dec 2007 to Aug 2016 · 10 moves
Tightening+125 Aug 2006 to Jul 2007 · 5 moves
Easing−25 Aug 2005 · 1 move
Tightening+125 Nov 2003 to Aug 2004 · 5 moves
Easing−250 Feb 2001 to Jul 2003 · 9 moves
Tightening+50 Jan 2000 to Feb 2000 · 2 moves

Against the Fed

United Kingdom’s bank rate sits 25 bps below the Fed’s upper bound: a deeper discount than on 71% of days since 2000.

United Kingdom minus United States, in bpsZero: the same rate
Gap today−25 bps7 Oct 2026
A year ago−25 bps7 Oct 2025
Widest since 2000+350 bpsJun 2004
Narrowest since 2000−175 bpsDec 2018
Holding pounds earns less than holding dollars, a headwind for the pound. One input among many, not a forecast.

The record since 2000

56 moves since January 2000, from a high of 6.00% in Feb 2000 to a low of 0.10% in Mar 2020.

Bank RateHikeCut
Live shows the verified record. Announced and Decided preview the states this page goes through on decision day.

Every move

56 moves since Jan 2000. Votes and statements for the BoE are being added.

Cut to 3.75%−2518 Dec 2025 · sixth cut in a row
Cut to 4.00%−257 Aug 2025 · fifth cut in a row
Cut to 4.25%−258 May 2025 · fourth cut in a row
Cut to 4.50%−256 Feb 2025 · third cut in a row
Cut to 4.75%−257 Nov 2024 · second cut in a row
Cut to 5.00%−251 Aug 2024 · first cut since March 2020
Raised to 5.25%+253 Aug 2023 · hike number 14 in a row
Raised to 5.00%+5022 Jun 2023 · hike number 13 in a row
Raised to 4.50%+2511 May 2023 · twelfth hike in a row
Raised to 4.25%+2523 Mar 2023 · eleventh hike in a row
Raised to 4.00%+502 Feb 2023 · tenth hike in a row
Raised to 3.50%+5015 Dec 2022 · ninth hike in a row
Raised to 3.00%+753 Nov 2022 · eighth hike in a row
Raised to 2.25%+5022 Sept 2022 · seventh hike in a row
Raised to 1.75%+504 Aug 2022 · sixth hike in a row
Raised to 1.25%+2516 Jun 2022 · fifth hike in a row
Raised to 1.00%+255 May 2022 · fourth hike in a row
Raised to 0.75%+2517 Mar 2022 · third hike in a row
Raised to 0.50%+253 Feb 2022 · second hike in a row
Raised to 0.25%+1516 Dec 2021 · first hike since August 2018
Cut to 0.10%−1519 Mar 2020 · second cut in a row
Cut to 0.25%−5011 Mar 2020 · first cut since August 2016
Raised to 0.75%+252 Aug 2018 · second hike in a row
Raised to 0.50%+252 Nov 2017 · first hike since July 2007
Cut to 0.25%−254 Aug 2016 · tenth cut in a row
Cut to 0.50%−505 Mar 2009 · ninth cut in a row
Cut to 1.00%−505 Feb 2009 · eighth cut in a row
Cut to 1.50%−508 Jan 2009 · seventh cut in a row
Cut to 2.00%−1004 Dec 2008 · sixth cut in a row
Cut to 3.00%−1506 Nov 2008 · fifth cut in a row
Cut to 4.50%−508 Oct 2008 · fourth cut in a row
Cut to 5.00%−2510 Apr 2008 · third cut in a row
Cut to 5.25%−257 Feb 2008 · second cut in a row
Cut to 5.50%−256 Dec 2007 · first cut since August 2005
Raised to 5.75%+255 Jul 2007 · fifth hike in a row
Raised to 5.50%+2510 May 2007 · fourth hike in a row
Raised to 5.25%+2511 Jan 2007 · third hike in a row
Raised to 5.00%+259 Nov 2006 · second hike in a row
Raised to 4.75%+253 Aug 2006 · first hike since August 2004
Cut to 4.50%−254 Aug 2005 · first cut since July 2003
Raised to 4.75%+255 Aug 2004 · fifth hike in a row
Raised to 4.50%+2510 Jun 2004 · fourth hike in a row
Raised to 4.25%+256 May 2004 · third hike in a row
Raised to 4.00%+255 Feb 2004 · second hike in a row
Raised to 3.75%+256 Nov 2003 · first hike since February 2000
Cut to 3.50%−2510 Jul 2003 · ninth cut in a row
Cut to 3.75%−256 Feb 2003 · eighth cut in a row
Cut to 4.00%−508 Nov 2001 · seventh cut in a row
Cut to 4.50%−254 Oct 2001 · sixth cut in a row
Cut to 4.75%−2518 Sept 2001 · fifth cut in a row
Cut to 5.00%−252 Aug 2001 · fourth cut in a row
Cut to 5.25%−2510 May 2001 · third cut in a row
Cut to 5.50%−255 Apr 2001 · second cut in a row
Cut to 5.75%−258 Feb 2001 · first cut in this record
Raised to 6.00%+2510 Feb 2000 · second hike in a row
Raised to 5.75%+2513 Jan 2000 · first hike in this record

Among 7 central banks

World view

United Kingdom’s 3.75% is the 5th highest of the seven, between United States (3.75 to 4.00%) and Euro area (2.50%).

United Kingdom