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Teaching Economics

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Data Starter: Interest rate

Elizabeth Veal

1st October 2024

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Trends in the UK Bank Base Rate

Using this chart from the Bank of England (scroll down to the chart called Official Bank Rate), answer these questions:

1. Why does the Bank base rate change ‘in steps’ rather than a smoother trend path?

2. Was the percentage point decrease in the base rate between Nov 2007 and March 2009 greater or smaller than the base rate percentage point rise between Nov 2021 and August 2023?

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Elizabeth Veal

Liz has taught Economics for over 25 years, including several years as Head of Economics at leading schools.

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