Rachel Reeves on Bank Rate, Spring Forecast 3 March 2026

The statement

Today’s forecast shows that debt is down, borrowing is down, inflation is down, and interest rates are down from 5.25%, where the Conservatives left them, to 3.75% today.

Rachel Reeves, 3 March 2026. Source

What the sources report

• Bank of England, Official Bank Rate history reports bank Rate (set 3 August 2023): 5.25%^src
• Bank of England, Official Bank Rate history reports bank Rate (set 18 December 2025, latest): 3.75%^src

Notes

The Bank of England lists Bank Rate at 5.25% from 3 August 2023 until 1 August 2024, when it was cut to 5.00%.

The Bank of England lists Bank Rate at 3.75% from 18 December 2025; it remains the latest rate.

Bank Rate is set by the Bank of England Monetary Policy Committee.