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English definition of “base rate”

base rate

noun [C]     UK
BANKING, FINANCE, ECONOMICS the rate of interest that is set by a central bank, and which is the lowest rate at which it lends money to other banks. This rate affects the interest rates which are then charged to customers by the banks: The base rate currently stands at just under 1%.cut/raise, etc. the base rate The Bank of England cut the base rate by a quarter point to 3.5%. a base rate cut/increase/rise 0.95 points above/below (the) base rate → See also bank rate, prime rate
(Definition of base rate noun from the Cambridge Business English Dictionary © Cambridge University Press)
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