UK base interest rates are currently set by the
Bank of England’s Monetary Policy Committee
(MPC), although in extreme circumstances the Government
has the power to give instructions to the Bank
on interest rates for a limited period.
The MPC comprises the governor of the Bank, the two deputy governors, the Bank's
chief economist, the executive director for market operations and four external
members appointed directly by the Chancellor. It meets monthly.
The rate set is the ‘Repo’ rate – the base rate which sets
a benchmark for other interest rates, including personal loans and mortgages.
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