base rate
noun [ C ]
UK ukus 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