Why do you not simply use Bank of England Bank Rate?

The Bank of England’s Official Bank Rate, sometimes known as Bank of England Bank Rate (“BBR”), is a policy tool used by the Bank of England to influence the macro economy. It has taken several different forms, which may be more or less representative of the market cost of funds for banks at different periods in history. A description of this can be found here.

For this reason, we do not directly link our products to BBR, but intend to pass on changes that occur in BBR as long as it is representative of changes in banks’ market funding costs.