The Bank of England (BoE) base rate is often called the interest rate or Bank Rate (like us!). It sets the level of interest all other banks charge borrowers. The base rate is currently 0.75%.
http://www.ig.com/uk/glossary-trading-terms/base-rate-defini...
A base rate is the interest rate that a central bank – such as the Bank of England or Federal Reserve – will charge commercial banks for loans. The base rate is also known as the bank rate or the base interest rate.