Tag first uk interest

According to various sources, the first UK interest rate was set in 1693 by the Bank of England, which was established in 1694. At that time, the interest rate was set at 4.5% per annum.

Here's a brief history of UK interest rates:

• 1693: The first UK interest rate was set at 4.5% per annum by the Bank of England.
• 1701: The interest rate was reduced to 4% per annum.
• 1720: The interest rate was increased to 5% per annum.
• 1742: The interest rate was reduced to 4.5% per annum.
• 1793: The interest rate was increased to 5.5% per annum.
• 1825: The interest rate was reduced to 4.5% per annum.
• 1844: The interest rate was increased to 5% per annum.
• 1870: The interest rate was reduced to 3.5% per annum.
• 1914: The interest rate was increased to 5% per annum due to World War I.
• 1920: The interest rate was reduced to 4.5% per annum.
• 1931: The interest rate was increased to 6% per annum due to the Great Depression.
• 1945: The interest rate was reduced to 2.5% per annum.
• 1979: The interest rate was increased to 17% per annum due to high inflation.
• 1997: The interest rate was reduced to 5.5% per annum.
• 2008: The interest rate was reduced to 0.5% per annum due to the global financial crisis.
• 2016: The interest rate was reduced to 0.25% per annum.

Note that these rates are approximate and may vary depending on the source.