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What is the Bank of England Base Rate and how does it affect me?

The Base Rate is the interest rate the Bank of England charges us and other financial institutions to borrow money. Each month the Bank of England reviews the Base Rate and decides whether to change it or keep it the same – based on economic factors. When the Base Rate changes,  your standard and cash interest rates will move in line with the Base Rate, up or down, by the same amount.

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