The Bank of England base rate is currently 1%. The base rate was increased from 0.75% to 1% on 5 May 2022 to try and control inflation. The base rate was previously reduced to 0.1% on 19 March 2020 to help control the economic shock of coronavirus.. The bank reduced the base rate from 0.75% to 0.25% 1 week earlier on 11 March 2020.