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.

---

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

---

Etymology

Origin of base rate

First recorded in 1920–25

Example Sentences

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

“The key for us is to deliver premium returns over base rates, be they long rates or short rates,” he said.

From The Wall Street Journal

He also accused the DWP of relying increasingly on “adjustment factors” to increase the amount customers pay for water and electricity, instead of hiking the base rate.

From Los Angeles Times