The Bank of England policy rate explained

What is the UK base rate at present, and what is its significance?

Know the current Bank Rate and its role. Bank Rate is set by the Bank of England's Monetary Policy Committee and is the rate paid on commercial banks' reserves at the Bank; it feeds through to short-term market rates, mortgage and savings rates. The MPC adjusts it to keep inflation near the $2\%$ target, so check the latest decision and the direction of travel.