From Longman Dictionary of Contemporary Englishbase rateˈbase rate noun [countable] British English BFin Britain, the standard rate of interest1(4), set by the Bank of England, on which all British banks base their charges → prime rate
Examples from the Corpus
base rate• We would levy the charge at 1 percent above the Bank base rate prevailing for the relevant period.• Assume the current base rate is 10%.• Money markets fear a half point base rate rise on a Tory defeat.• Large corporate customers pay interest on overdrafts at the bank's base rate plus 1%.From Longman Business Dictionarybase rateˈbase rateFINANCEBANKING the basic rate of interest charged by the BANK OF ENGLAND, that replaced the BANK RATE and the MINIMUM LENDING RATE. The rates charged by all banks on their lending rise and fall with the base rate, and this has an important influence on the economy as a whole. Bank rate and minimum lending rate are still used in Britain and other countries to talk about the base rateYou will pay 2% below the base rate for the first two years of your mortgage. → rate 