base rate

noun

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

Origin of base rate

First recorded in 1920–25

Also called basic rate.

Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2019

British Dictionary definitions for base rate

base rate

noun

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

British 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

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

Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012