Definition of base rate in English:
(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.
- 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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