Each month the Bank of England's Monetary Policy Committee meets to discuss issues surrounding the economy and in particular the likely effects on Inflation. At that meeting they also set the Minimum Lending Rate (MLR). This was originally introduced in 1974 and is the minimum rate of interest charged by the Bank of England to commercial banks should they need to borrow money. Changes to the MLR has the effect of determining changes in the rates of interest charged by commercial lenders when lending to businesses or to members of the public.
The table gives details of the last 12 decisions regarding the MLR by the Bank of England. Each line shows the rate decision for the month, and whether the rate is different to the previous month's figure and if so in what direction.
