base rate

American  

noun

1. the rate of pay per unit of time, as by the hour, or per piece, or for work performed at an established standard rate.

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base rate British  

noun

1. the rate of interest used by individual commercial banks as a basis for their lending rates

2. informal the rate at which the Bank of England lends to the discount houses, which effectively controls the interest rates charged throughout the banking system

3. statistics the average number of times an event occurs divided by the average number of times on which it might occur

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Etymology

Origin of base rate

First recorded in 1920–25

Example Sentences

That would mean the Bank's base rate hitting a trough of 3-3.5%, considerably above the levels seen just a few years ago.

From BBC

The cost paid by students at the University of York was made up of a base rate set by the provider, Circuit Laundry, added to an amount determined by the university, Dickinson explained.

From BBC

In Louisiana and parts of the Midwest, for instance, utilities have negotiated special large-load tariffs and contract terms with data-center customers that include higher base rates, upfront infrastructure contributions, and curtailment provisions during grid stress.

From Barron's

South Korea’s central bank held its base rate steady for a fifth consecutive meeting, as weakness in the local currency limits room for further policy easing.

From The Wall Street Journal

The Bank's base rate has an impact on the cost of borrowing for individuals and businesses, and also on returns on savings.

From BBC