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

The Bank of Korea kept its base rate at 2.50% for a seventh straight meeting amid Middle East tensions.

From The Wall Street Journal • Apr. 10, 2026

South Korea’s central bank kept its base rate unchanged for a seventh straight meeting ahead of a leadership change, as Middle East tensions weigh on the trade-reliant economy.

From The Wall Street Journal • Apr. 10, 2026

The Bank of England's base rate reached a recent high of 5.25% in 2023.

From BBC • Jan. 21, 2026

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 • Nov. 5, 2025

Their counterparts today are paid a monthly base rate of $592 and $800.

From The Civil War Centennial Handbook by Price, William H.