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Who sets the Interest Rates in UK?


With an Interest Rate drop announced this week, we answer a question that people might be asking who is not in the industry..

Who Sets the Interest Rates in the UK?

Interest rates are primarily set by the Bank of England (BoE). The Monetary Policy Committee (MPC) within the BoE is responsible for determining the official Bank Rate, which influences borrowing and lending rates throughout the economy. The MPC meets regularly to assess economic conditions and decide whether to change the interest rate to achieve its inflation target and support economic growth.

 

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