base rate

noun

1. the rate of pay per unit of time, as by the hour, or per piece, or for work performed at an established standard rate.

base rate

noun

1. the rate of interest used by individual commercial banks as a basis for their lending rates
2. informal.
   the rate at which the Bank of England lends to the discount houses, which effectively controls the interest rates charged throughout the banking system
3. statistics the average number of times an event occurs divided by the average number of times on which it might occur

Word History and Origins

Origin of base rate¹

First recorded in 1920–25

Example Sentences

Some tracker and variable rate mortgages move fairly closely in line with the Bank's base rate.

From BBC

Lenders have mostly "priced in" the impact of a base rate cut when making decisions on their own interest rates.

From BBC

At its most recent meeting in September, the Bank chose to keep the base rate - which determines mortgage rates, credit card rates, and savings rates - at 5%.

From BBC

He expected rates to keep falling, especially if the Bank of England cuts the base rate on Thursday, or later this year.

From BBC

He said he hoped by the time he had saved his deposit, mortgage rates, which are influenced by the Bank of England's base rate, would be lower.

From BBC