Definition of base rate in English:

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base rate

Pronunciation:

Entry from British & World English dictionary

noun

(In the UK) the interest rate set by the Bank of England for lending to other banks, used as the benchmark for interest rates generally.
Example sentences
  • If the Bank of England puts the base rate up, then mortgage rates will go up.
  • They are slow to cut mortgage rates when the base rate is falling, and sometimes fail to pass on base-rate cuts in full.
  • When the Bank of England changes its base rate, mortgage lenders react by raising their variable rates, too.

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