Definition of Base Rate. In the UK, the base rate is the term given to describe the interest rate which the Bank of England control. The base rate is the rate that the Bank charge commercial banks and discount houses. It is also known as the Repo Rate. The base rate is used to influence other interest rates throughout the economy. Most borrowers from commercial banks pay a premium on the base rate.
Base rates may also be a term used to describe the main standard variable rate of a commercial bank
Changes in the Base Rate
Graphs of Base Rates
More base rate graphs at historical interest rates in UK