Meaning of “base rate” in the English Dictionary

british dictionary

"base rate" in British English

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base ratenoun [ C ]

uk /ˈbeɪs ˌreɪt/ us /ˈbeɪs ˌreɪt/ UK specialized

a rate (= level of interest) decided by the Bank of England that banks use when deciding how much to charge for lending money:

Your mortgage interest payments are two percent below the base rate.

(Definition of “base rate” from the Cambridge Advanced Learner’s Dictionary & Thesaurus © Cambridge University Press)

"base rate" in Business English

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base ratenoun [ C ]

uk us 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%.
0.95 points above/below (the) base rate

(Definition of “base rate” from the Cambridge Business English Dictionary © Cambridge University Press)

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