Official Bank Rate
The official reference interest rate for the UK determined by the Bank of England's Monetary Policy Committee (MPC).
The Official Bank Rate is the rate used for certain key transactions between the Bank of England ('the Bank') and financial institutions.
It is designed to have the effect of determining the level of near risk-free interest rates throughout the UK financial sector.
It is used by many financial institutions when setting interest rates for certain of their products.
The Official Bank Rate is often known - externally to the Bank - as the 'Bank of England Base Rate' (BBR).
Within the Bank of England, it is often abbreviated to 'the Bank Rate'.
Similar interest rates in other jurisdictions.